|
Ellomay Capital Ltd.
By: /s/ Ran Fridrich
Ran Fridrich
Chief Executive Officer and Director
|
· |
Revenues were approximately €3 million for the three months ended March 31, 2018, compared to approximately €2.5 million for the three months ended March 31, 2017, representing an increase of 20%. The increase in revenues reflects the commencement of operations of a waste-to-energy project in the Netherlands and the results of the Talmei Yosef project, acquired in October 2017, for the first quarter of 2018. As a result of the accounting treatment of the Talmei Yosef project as a financial asset, out of total proceeds from the sale of electricity of approximately €0.8 million for the first quarter of 2018, only revenues related to the ongoing operation of the plant in the amount of approximately €0.2 million are recognized as revenues.
|
· |
Operating expenses were approximately €0.9 million for the three months ended March 31, 2018, compared to approximately €0.5 million for the three months ended March 31, 2017. The increase in operating expenses is mainly attributable to additional operating expenses resulting from the commencement of operations of a waste-to-energy project in the Netherlands and from the Talmei Yosef project. Depreciation expenses were approximately €1.4 million for the three months ended March 31, 2018, compared to approximately €1.1 million for the three months ended March 31, 2017. The increase reflects the commencement of operations of a waste-to-energy project in the Netherlands and depreciation expenses in connection with the Talmei Yosef project.
|
· |
Project development costs were approximately €0.8 million for the three months ended March 31, 2018, compared to approximately €0.7 million for the three months ended March 31, 2017. The increase in project development expenses is mainly attributable to consultancy expenses in connection with the Talasol project.
|
· |
General and administrative expenses were approximately €1.2 million for the three months ended March 31, 2018, compared to approximately €0.6 million for the three months ended March 31, 2017. The increase in general and administrative expenses resulted mainly from payment of approximately €0.4 million pursuant to a VAT assessment agreement in connection with previous years in Israel and from increased expenses resulting from the commencement of operations of a waste-to-energy project in the Netherlands and from the Talmei Yosef project.
|
· |
Share of profits of equity accounted investee, after elimination of intercompany transactions, was approximately €1.2 million in the three months ended March 31, 2018, compared to approximately €0.8 million in the three months ended March 31, 2017. The increase in the Company’s share of profit of equity accounted investee is mainly attributable to an increase in sales of electricity by Dorad due to increased production and lower financing expenses incurred by Dorad for the three months ended March 31, 2018 as a result of the CPI indexation of loans from banks and related parties.
|
· |
Financing expenses, net was approximately €0.4 million for the three months ended March 31, 2018, compared to approximately €2 million for the three months ended March 31, 2017. The decrease in financing expenses was mainly due to income in connection with exchange rate differences amounting to approximately €0.9 million in the three months ended March 31, 2018, mainly in connection with the New Israeli Shekel denominated Series A Debentures and Series B Debentures and the loan to an equity accounted investee, caused by the 4% revaluation of the euro against the NIS during the three months ended March 31, 2018, compared to expenses of approximately €1.3 million for the three months ended March 31, 2017, caused by the 4% devaluation of the euro against the NIS during the three months ended March 31, 2017. This decrease was partially offset by expenses in connection with the reevaluation of the Company’s euro/ US$ forward transactions of approximately €0.6 million for the three months ended March 31, 2018, compared to expenses of 0 for the three months ended March 31, 2017.
|
· |
Loss for the three months ended March 31, 2018 was approximately €0.4 million, compared to approximately €1.7 million for the three months ended March 31, 2017.
|
· |
Total other comprehensive loss was approximately €1.5 million for the three months ended March 31, 2018, compared to a profit of approximately €0.7 million in the three months ended March 31, 2017. The change was mainly due to changes in fair value of cash flow hedges and from foreign currency translation differences on New Israeli Shekel denominated operations, as a result of fluctuations in the euro/NIS exchange rates.
|
· |
Total comprehensive loss was approximately €1.9 million in the three months ended March 31, 2018, compared to total comprehensive loss of approximately €1 million in the three months ended March 31, 2017.
|
· |
EBITDA was approximately €1.3 million for the three months ended March 31, 2018, compared to approximately €1.5 million for the three months ended March 31, 2017.
|
· |
Net cash from operating activities was approximately €2.9 million for the three months ended March 31, 2018, compared to approximately €1.8 million for the three months ended March 31, 2017. The increase in net cash from operating activities is mainly due to interest payment received during 2018 on a loan to an equity accounted investee and from increased cash flow resulting from the commencement of operations of a waste-to-energy project in the Netherlands and Talmei Yosef project.
|
· |
In May 2018, several of the Company’s Italian subsidiaries (the “Subsidiaries”) entered into a €35.9 million project finance Facility Agreement (the “Facility Agreement”) with Mediocredito Italiano S.p.Aand Intesa Sanpaolo S.p.A. (as account bank). The €35.9 million principal amount is divided into: (i) term loan facilities in the aggregate amount of €33.7 million with terms ending in May 2028, and (ii) revolving facilities, aimed to cover financial needs for the debt service coverage in case of liquidity shortfall, in the aggregate amount of €2.2 million with terms ending in November 2027. The loans provided under the Facility Agreement bear an annual interest rate equal to the Euribor 6 month rate plus a margin of 185 basis points. The Subsidiaries entered into the swap agreements on May 29, 2018 with respect to approximately €25 million (with a decreasing notional principal amount based on the amortization table) until May 2028, replacing the Euribor 6 month rate with a fixed 6 month rate of 0.71%, resulting in a fixed annual interest rate of 2.56%. The Subsidiaries partially used the funds borrowed under the Facility Agreement to repay outstanding loans and leasing agreements in the aggregate amount of approximately €13.2 million.
|
· |
As of June 1, 2018, the Company held approximately €49 million in cash and cash equivalents, approximately €2.2 million in marketable securities and approximately €5.6 million in restricted short-term and long-term cash and marketable securities.
|
· |
Approximately 22.6MW of photovoltaic power plants in Italy, approximately 7.9MW of photovoltaic power plants in Spain and a photovoltaic power plant of approximately 9 MW in Israel;
|
· |
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;
|
· |
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 156 MW pumped storage hydro power plant in the Manara Cliff, Israel;
|
· |
51% of Groen Gas Goor B.V. and of Groen Gas Oude-Tonge B.V., project companies developing anaerobic digestion plants with a green gas production capacity of approximately 375 Nm3/h, in Goor, the Netherlands and 475 Nm3/h, in Oude Tonge, the Netherlands, respectively.
|
March 31,
|
December 31,
|
March 31,
|
||||||||||
2018
|
2017
|
2018
|
||||||||||
Unaudited
|
Audited
|
Unaudited
|
||||||||||
€ in thousands
|
Convenience Translation into US$ in thousands
|
|||||||||||
Assets
|
||||||||||||
Current assets:
|
||||||||||||
Cash and cash equivalents
|
25,969
|
23,962
|
31,990
|
|||||||||
Marketable securities
|
2,062
|
2,162
|
2,540
|
|||||||||
Restricted cash and marketable securities
|
3,162
|
3,265
|
3,895
|
|||||||||
Receivable from concession project
|
1,207
|
1,286
|
1,487
|
|||||||||
Financial assets
|
1,203
|
1,249
|
1,482
|
|||||||||
Trade and other receivables
|
10,058
|
10,645
|
12,390
|
|||||||||
43,661
|
42,569
|
53,784
|
||||||||||
Non-current assets:
|
||||||||||||
Investment in equity accounted investee
|
26,934
|
27,655
|
33,179
|
|||||||||
Advances on account of investments
|
8,791
|
8,825
|
10,829
|
|||||||||
Receivable from concession project
|
26,382
|
27,725
|
32,499
|
|||||||||
Fixed assets
|
79,225
|
78,837
|
97,595
|
|||||||||
Intangible asset
|
5,077
|
5,505
|
6,254
|
|||||||||
Restricted cash and deposits
|
3,495
|
3,660
|
4,305
|
|||||||||
Deferred tax
|
1,779
|
1,777
|
2,192
|
|||||||||
Long term receivables
|
1,337
|
1,535
|
1,647
|
|||||||||
153,020
|
155,519
|
188,500
|
||||||||||
Total assets
|
196,681
|
198,088
|
242,284
|
|||||||||
Liabilities and Equity
|
||||||||||||
Current liabilities:
|
||||||||||||
Current maturities of long term loans
|
3,172
|
3,103
|
3,907
|
|||||||||
Debentures
|
4,460
|
4,644
|
5,494
|
|||||||||
Trade payables
|
2,244
|
1,349
|
2,763
|
|||||||||
Other payables
|
3,117
|
2,187
|
3,840
|
|||||||||
12,993
|
11,283
|
16,004
|
||||||||||
Non-current liabilities:
|
||||||||||||
Finance lease obligations
|
3,605
|
3,690
|
4,441
|
|||||||||
Long-term loans
|
41,138
|
42,091
|
50,667
|
|||||||||
Debentures
|
50,873
|
52,987
|
62,669
|
|||||||||
Deferred tax
|
5,782
|
5,982
|
7,123
|
|||||||||
Other long-term liabilities
|
6,667
|
4,555
|
8,213
|
|||||||||
108,065
|
109,305
|
133,123
|
||||||||||
Total liabilities
|
121,058
|
120,588
|
149,127
|
|||||||||
Equity:
|
||||||||||||
Share capital
|
19,980
|
19,980
|
24,613
|
|||||||||
Share premium
|
58,340
|
58,339
|
71,867
|
|||||||||
Treasury shares
|
(1,736
|
)
|
(1,736
|
)
|
(2,139
|
)
|
||||||
Reserves
|
844
|
2,357
|
1,040
|
|||||||||
Retained earnings
|
(555
|
)
|
(299
|
)
|
(684
|
)
|
||||||
Total equity attributed to shareholders of the Company
|
76,873
|
78,641
|
94,697
|
|||||||||
Non-Controlling Interest
|
(1,250
|
)
|
(1,141
|
)
|
(1,540
|
)
|
||||||
Total equity
|
75,623
|
77,500
|
93,157
|
|||||||||
Total liabilities and equity
|
196,681
|
198,088
|
242,284
|
For the three months ended
March 31,
|
For the year ended December 31,
|
For the three months ended March 31,
|
||||||||||||||
2017
|
2018
|
2017
|
2018
|
|||||||||||||
Unaudited
|
Audited
|
Unaudited
|
||||||||||||||
€ in thousands
|
€ in thousands
|
Convenience
Translation into US$*
|
||||||||||||||
Revenues
|
2,523
|
3,032
|
13,636
|
3,375
|
||||||||||||
Operating expenses
|
(504
|
)
|
(900
|
)
|
(2,549
|
)
|
(1,109
|
)
|
||||||||
Depreciation expenses
|
(1,097
|
)
|
(1,358
|
)
|
(4.518
|
)
|
(1,673
|
)
|
||||||||
Gross profit
|
922
|
774
|
6,569
|
953
|
||||||||||||
Project development costs
|
**(669
|
)
|
(796
|
)
|
**(2,739
|
)
|
(981
|
)
|
||||||||
General and administrative expenses
|
**(590
|
)
|
(1,185
|
)
|
**(2,420
|
)
|
(1,460
|
)
|
||||||||
Share of profits of equity accounted investee
|
784
|
1,163
|
1,531
|
1,433
|
||||||||||||
Other income, net
|
5
|
4
|
18
|
5
|
||||||||||||
Operating profit (loss)
|
452
|
(40
|
)
|
2,959
|
50
|
|||||||||||
Financing income
|
88
|
1,331
|
1,333
|
1,640
|
||||||||||||
Financing expenses in connection with derivatives and other assets, net
|
-
|
(452
|
)
|
(3,156
|
)
|
(557
|
)
|
|||||||||
Financing expenses
|
(2,103
|
)
|
(1,237
|
)
|
(7,405
|
)
|
(1,524
|
)
|
||||||||
Financing expenses, net
|
(2,015
|
)
|
(358
|
)
|
(9,228
|
)
|
(441
|
)
|
||||||||
Loss before taxes on income
|
(1,563
|
)
|
(398
|
)
|
(6,269
|
)
|
(491
|
)
|
||||||||
Taxes on income
|
(116
|
)
|
(11
|
)
|
(372
|
)
|
(14
|
)
|
||||||||
Loss for the period
|
(1,679
|
)
|
(409
|
)
|
(6,641
|
)
|
(505
|
)
|
||||||||
Loss attributable to:
|
||||||||||||||||
Owners of the Company
|
(1,551
|
)
|
(256
|
)
|
(6,115
|
)
|
(316
|
)
|
||||||||
Non-controlling interests
|
(128
|
)
|
(153
|
)
|
(526
|
)
|
(189
|
)
|
||||||||
Loss for the period
|
(1,679
|
)
|
(409
|
)
|
(6,641
|
)
|
(505
|
)
|
||||||||
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
|
(670
|
)
|
(1,298
|
)
|
(359
|
)
|
(1,599
|
)
|
||||||||
Effective portion of change in fair value of cash flow hedges
|
-
|
(926
|
)
|
(1,244
|
)
|
(1,141
|
)
|
|||||||||
Net change in fair value of cash flow hedges transferred to profit or loss
|
-
|
755
|
1,382
|
930
|
||||||||||||
Total other comprehensive loss
|
(670
|
)
|
(1,469
|
)
|
(221
|
)
|
(1,810
|
)
|
||||||||
Total comprehensive loss for the period
|
(1,009
|
)
|
(1,878
|
)
|
(6,862
|
)
|
(2,315
|
)
|
||||||||
Basic net loss per share
|
(0.15
|
)
|
(0.02
|
)
|
(0.57
|
)
|
(0.03
|
)
|
||||||||
Diluted net loss per share
|
(0.15
|
)
|
(0.02
|
)
|
(0.57
|
)
|
(0.03
|
)
|
Non- controlling
|
Total
|
|||||||||||||||||||||||||||||||||||
Attributable to shareholders of the Company
|
Interests
|
Equity
|
||||||||||||||||||||||||||||||||||
Translation reserve from foreign operations
|
||||||||||||||||||||||||||||||||||||
Share capital
|
Share premium
|
Retained earnings (accumulated deficit)
|
Treasury shares
|
Hedging Reserve
|
||||||||||||||||||||||||||||||||
Total
|
||||||||||||||||||||||||||||||||||||
€ in thousands
|
||||||||||||||||||||||||||||||||||||
For the three month ended March 31, 2018 (unaudited):
|
||||||||||||||||||||||||||||||||||||
Balance as at January 1, 2018
|
19,980
|
58,339
|
(299
|
)
|
(1,736
|
)
|
2,219
|
138
|
78,641
|
(1,141
|
)
|
77,500
|
||||||||||||||||||||||||
Loss for the period
|
-
|
-
|
(256
|
)
|
-
|
-
|
-
|
(256
|
)
|
(153
|
)
|
(409
|
)
|
|||||||||||||||||||||||
Other comprehensive loss for the period
|
-
|
-
|
-
|
-
|
(1,342
|
)
|
(171
|
)
|
(1,513
|
)
|
44
|
(1,469
|
)
|
|||||||||||||||||||||||
Total comprehensive loss for the period
|
-
|
-
|
(256
|
)
|
-
|
(1,342
|
)
|
(171
|
)
|
(1,769
|
)
|
(109
|
)
|
(1,878
|
)
|
|||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity:
|
||||||||||||||||||||||||||||||||||||
Share-based payments
|
-
|
1
|
-
|
-
|
-
|
-
|
1
|
-
|
1
|
|||||||||||||||||||||||||||
Balance as at March 31, 2018
|
19,980
|
58,340
|
(555
|
)
|
(1,736
|
)
|
877
|
(33
|
)
|
76,873
|
(1,250
|
)
|
75,623
|
|||||||||||||||||||||||
For the year ended December 31, 201 (audited):
|
||||||||||||||||||||||||||||||||||||
Balance as at January 1, 2017
|
19,980
|
58,334
|
5,816
|
(1,722
|
)
|
2,664
|
-
|
85,072
|
(701
|
)
|
84,371
|
|||||||||||||||||||||||||
Loss for the year
|
-
|
-
|
(6,115
|
)
|
-
|
-
|
-
|
(6,115
|
)
|
(526
|
)
|
(6,641
|
)
|
|||||||||||||||||||||||
Other comprehensive loss for the year
|
-
|
-
|
-
|
-
|
(445
|
)
|
138
|
(307
|
)
|
86
|
(221
|
)
|
||||||||||||||||||||||||
Total comprehensive loss for the year
|
-
|
-
|
(6,115
|
)
|
-
|
(445
|
)
|
138
|
(6,422
|
)
|
(440
|
)
|
(6,862
|
)
|
||||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity:
|
||||||||||||||||||||||||||||||||||||
Own shares acquired
|
-
|
-
|
-
|
(14
|
)
|
-
|
-
|
(14
|
)
|
-
|
(14
|
)
|
||||||||||||||||||||||||
Share-based payments
|
-
|
5
|
-
|
-
|
-
|
-
|
5
|
-
|
5
|
|||||||||||||||||||||||||||
Balance as at December 31, 2017
|
19,980
|
58,339
|
(299
|
)
|
(1,736
|
)
|
2,219
|
138
|
78,641
|
(1,141
|
)
|
77,500
|
Non- controlling
|
Total
|
|||||||||||||||||||||||||||||||
Attributable to shareholders of the Company
|
Interests
|
Equity
|
||||||||||||||||||||||||||||||
Translation Reserve from foreign operations
|
||||||||||||||||||||||||||||||||
Share capital
|
Share premium
|
Retained earnings (accumulated deficit)
|
Treasury shares
|
|||||||||||||||||||||||||||||
Total
|
||||||||||||||||||||||||||||||||
€ in thousands
|
||||||||||||||||||||||||||||||||
For the three month ended March 31, 2017 (unaudited):
|
||||||||||||||||||||||||||||||||
Balance as at January 1, 2017
|
19,980
|
58,334
|
5,816
|
(1,722
|
)
|
2,664
|
85,072
|
(701
|
)
|
84,371
|
||||||||||||||||||||||
Loss for the period
|
-
|
-
|
(1,551
|
)
|
-
|
-
|
(1,551
|
)
|
(128
|
)
|
(1,679
|
)
|
||||||||||||||||||||
Other comprehensive loss for the period
|
-
|
-
|
-
|
-
|
701
|
701
|
(31
|
)
|
670
|
|||||||||||||||||||||||
Total comprehensive loss for the period
|
-
|
-
|
(1,551
|
)
|
-
|
701
|
(850
|
)
|
(159
|
)
|
(1,009
|
)
|
||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity:
|
||||||||||||||||||||||||||||||||
Own shares acquired
|
-
|
-
|
-
|
(13
|
)
|
-
|
(13
|
)
|
-
|
(13
|
)
|
|||||||||||||||||||||
Balance as at March 31, 2017
|
19,980
|
58,334
|
4,265
|
(1,735
|
)
|
3,365
|
84,209
|
(860
|
)
|
83,349
|
Non- controlling
|
Total
|
|||||||||||||||||||||||||||||||||||
Attributable to shareholders of the Company
|
Interests
|
Equity
|
||||||||||||||||||||||||||||||||||
Translation
reserve
from
foreign
operations
|
||||||||||||||||||||||||||||||||||||
Share
capital
|
Share
premium
|
Retained earnings (accumulated
deficit)
|
Treasury
shares
|
Hedging
Reserve
|
||||||||||||||||||||||||||||||||
Total
|
||||||||||||||||||||||||||||||||||||
Convenience translation into US$ (exchange rate as at March 31, 2018: (euro 1 = US$ 1.232)
|
||||||||||||||||||||||||||||||||||||
For the three month ended March 31, 2018 (unaudited):
|
||||||||||||||||||||||||||||||||||||
Balance as at January 1, 2018
|
24,613
|
71,866
|
(368
|
)
|
(2,139
|
)
|
2,734
|
170
|
96,876
|
(1,405
|
)
|
95,471
|
||||||||||||||||||||||||
Loss for the period
|
-
|
-
|
(316
|
)
|
-
|
-
|
-
|
(316
|
)
|
(189
|
)
|
(505
|
)
|
|||||||||||||||||||||||
Other comprehensive loss for the period
|
-
|
-
|
-
|
-
|
(1,653
|
)
|
(211
|
)
|
(1,864
|
)
|
54
|
(1,810
|
)
|
|||||||||||||||||||||||
Total comprehensive loss for the period
|
-
|
-
|
(316
|
)
|
-
|
(1,653
|
)
|
(211
|
)
|
(2,180
|
)
|
(135
|
)
|
(2,315
|
)
|
|||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity:
|
||||||||||||||||||||||||||||||||||||
Share-based payments
|
-
|
1
|
-
|
-
|
-
|
-
|
1
|
-
|
1
|
|||||||||||||||||||||||||||
Balance as at March 31, 2018
|
24,613
|
71,867
|
(684
|
)
|
(2,139
|
)
|
1,081
|
(41
|
)
|
94,697
|
(1,540
|
)
|
93,157
|
For the three months ended March 31, 2017
|
For the three months ended March 31, 2018
|
For the year ended December 31, 2017
|
For the three months ended March 31, 2017
|
|||||||||||||
Unaudited
|
Unaudited
|
Audited
|
Unaudited
|
|||||||||||||
€ in thousands
|
Convenience Translation into US$*
|
|||||||||||||||
Cash flows from operating activities
|
||||||||||||||||
Loss for the period
|
(1,679
|
)
|
(409
|
)
|
(6,641
|
)
|
(505
|
)
|
||||||||
Adjustments for:
|
||||||||||||||||
Financing expenses, net
|
2,015
|
358
|
9,228
|
441
|
||||||||||||
Depreciation
|
1,097
|
1,358
|
4,518
|
1,673
|
||||||||||||
Share-based payment transactions
|
-
|
1
|
5
|
1
|
||||||||||||
Share of profits of equity accounted investees
|
(784
|
)
|
(1,163
|
)
|
(1,531
|
)
|
(1,433
|
)
|
||||||||
Payment of interest on loan from an equity accounted investee
|
-
|
1,176
|
407
|
1,449
|
||||||||||||
Change in trade receivables and other receivables
|
(78
|
)
|
681
|
2,012
|
839
|
|||||||||||
Change in other assets
|
364
|
671
|
126
|
827
|
||||||||||||
Change in receivables from concessions project
|
-
|
250
|
(84
|
)
|
308
|
|||||||||||
Change in accrued severance pay, net
|
1
|
-
|
2
|
-
|
||||||||||||
Change in trade payables
|
327
|
349
|
(258
|
)
|
430
|
|||||||||||
Change in other payables
|
466
|
(423
|
) |
(2,655
|
)
|
(521
|
)
|
|||||||||
Taxes on income
|
116
|
11
|
372
|
14
|
||||||||||||
Income taxes paid
|
-
|
(1
|
)
|
(42
|
)
|
(1
|
)
|
|||||||||
Interest received
|
88
|
395
|
505
|
487
|
||||||||||||
Interest paid
|
(155
|
)
|
(382
|
)
|
(3,659
|
)
|
(471
|
)
|
||||||||
Net cash provided by operating activities
|
3,457
|
2,872
|
2,305
|
3,538
|
||||||||||||
Cash flows from investing activities
|
||||||||||||||||
Acquisition of fixed assets
|
(1,364
|
)
|
(1,112
|
)
|
(7,576
|
)
|
(1,370
|
)
|
||||||||
Acquisition of subsidiary, net of cash acquired
|
-
|
-
|
(9,851
|
)
|
-
|
|||||||||||
Repayment of loan to an equity accounted investee
|
-
|
490
|
-
|
604
|
||||||||||||
Advances on account of investments
|
(36
|
)
|
-
|
(8,000
|
)
|
-
|
||||||||||
Acquisition of marketable securities
|
(1,966
|
)
|
-
|
(6,677
|
)
|
-
|
||||||||||
Proceeds from marketable securities
|
-
|
-
|
1,277
|
-
|
||||||||||||
Proceed from (invest in) settlement of derivatives, net
|
(2,027
|
)
|
15
|
620
|
18
|
|||||||||||
Decrease in restricted cash, net
|
3,329
|
79
|
3,225
|
97
|
||||||||||||
Loans to others
|
-
|
-
|
(361
|
)
|
-
|
|||||||||||
Net cash used in investing activities
|
(2,064
|
)
|
(528
|
)
|
(27,343
|
)
|
(651
|
)
|
||||||||
Cash flows from financing activities
|
||||||||||||||||
Repayment of long-term loans and finance lease obligations
|
(82
|
)
|
(177
|
)
|
(2,224
|
)
|
(218
|
)
|
||||||||
Repayment of Debentures
|
-
|
-
|
(4,842
|
)
|
-
|
|||||||||||
Repurchase of own shares
|
(13
|
)
|
-
|
(14
|
)
|
-
|
||||||||||
Proceeds from long-term loans
|
1,969
|
40
|
5,575
|
49
|
||||||||||||
Proceeds from issuance of debentures, net
|
31,175
|
-
|
31,175
|
-
|
||||||||||||
Net cash provided by (used in) financing activities
|
35,049
|
(137
|
)
|
29,670
|
(169
|
)
|
||||||||||
Effect of exchange rate fluctuations on cash and cash equivalents
|
(149
|
)
|
(200
|
)
|
(3,156
|
)
|
572
|
|||||||||
Increase in cash and cash equivalents
|
32,616
|
2,007
|
1,476
|
3,290
|
||||||||||||
Cash and cash equivalents at the beginning of the period
|
22,486
|
23,962
|
22,486
|
28,700
|
||||||||||||
Cash and cash equivalents at the end of the period
|
55,102
|
25,969
|
23,962
|
31,990
|
For the three months ended
March 31,
|
For the year ended December 31,
|
For the three months ended March 31,
|
||||||||||||||
2017
|
2018
|
2017
|
2018
|
|||||||||||||
Unaudited
|
||||||||||||||||
€ in thousands
|
Convenience Translation into US$*
|
|||||||||||||||
Net loss for the period
|
(1,679
|
)
|
(409
|
)
|
(6,641
|
)
|
(505
|
)
|
||||||||
Financing expenses, net
|
2,015
|
358
|
9,228
|
441
|
||||||||||||
Taxes on income
|
116
|
11
|
372
|
14
|
||||||||||||
Depreciation
|
1,097
|
1,358
|
4,518
|
1,673
|
||||||||||||
EBITDA
|
1,549
|
1,318
|
7,477
|
1,623
|
1. |
Reelection of Shlomo Nehama, Ran Fridrich, Hemi Raphael and Anita Leviant as directors;
|
2. |
Approval of extension of the Company’s 1998 Share Option Plan for Non-Employee Directors;
|
3. |
Approval of extension of the Company’s 2000 Stock Option Plan;
|
4. |
Approval of amendments to the Company’s Second Amended and Restated Articles of Association, as more fully described in the proxy statement;
|
5. |
Approval of a new form of indemnification undertaking and exemption, which includes an undertaking to provide liability insurance, and providing such undertaking to current and future office holders, including office holders who are deemed controlling shareholders;
|
6. |
Approval of purchase of directors and officers liability insurance policy; and
|
7. |
Reappointment of Somekh Chaikin, a member of KPMG International, as the independent auditors of the Company for the fiscal year ending December 31, 2018 and until the next annual general meeting of the Company’s shareholders, and authorization of the Board of Directors to approve, following the approval of the Audit Committee, the remuneration of the independent auditors in accordance with the volume and nature of their services.
|
· |
Approximately 22.6MW of photovoltaic power plants in Italy, approximately 7.9MW of photovoltaic power plants in Spain and a photovoltaic power plant of approximately 9 MW in Israel;
|
· |
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;
|
· |
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 156 MW pumped storage hydro power plant in the Manara Cliff, Israel;
|
· |
51% of Groen Gas Goor B.V. and of Groen Gas Oude-Tonge B.V., project companies operating or developing anaerobic digestion plants with a green gas production capacity of approximately 375 Nm3/h, in Goor, the Netherlands and 475 Nm3/h, in Oude Tonge, the Netherlands, respectively.
|
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