Exhibit 99.1

Ellomay Capital Reports Results for the Three and Nine Months Ended September 30, 2018

Tel-Aviv, Israel, December 28, 2018 – Ellomay Capital Ltd. (NYSE American; TASE: ELLO) (“Ellomay” or the “Company”),a renewable energy and power generator and developer of renewable energy and power projects in Europe and Israel,today reported its unaudited financial results for the three and nine months ended September 30, 2018.

Financial Highlights

· Revenues were approximately €13.9 million for the nine months ended September 30, 2018, compared to approximately €10.8 million for the nine months ended September 30, 2017. The increase in revenues reflects the commencement of operations of the Company’s two waste-to-energy projects in the Netherlands (one in November 2017 and the other in June 2018) and the results of the photovoltaic site in Talmei Yosef, Israel (the “Talmei Yosef Project”), acquired in October 2017, partially offset by lower revenues in Italy due to relatively lower radiation levels compared to 2017.

· Operating expenses were approximately €4.6 million for the nine months ended September 30, 2018, compared to approximately €1.7 million for the nine months ended September 30, 2017. Depreciation expenses were approximately €4.4 million for the nine months ended September 30, 2018, compared to approximately €3.3 million for the nine months ended September 30, 2017. The increase in operating expenses and in depreciation expenses is mainly attributable to additional expenses resulting from the commencement of operations at the Company’s two waste-to-energy projects in the Netherlands and in connection with the Talmei Yosef Project.

· Project development costs were approximately €2.6 million for the nine months ended September 30, 2018, compared to approximately €1.7 million for the nine months ended September 30, 2017. The increase in project development costs is mainly attributable to consultancy expenses in connection with the development of the project to construct a photovoltaic plant with a peak capacity of 300 MW in the municipality of Talaván, Cáceres, Spain (the “Talasol Project”).

· General and administrative expenses were approximately €2.8 million for the nine months ended September 30, 2018, compared to approximately €1.9 million for the nine months ended September 30, 2017. The increase in general and administrative expenses resulted mainly from payment of approximately €0.4 million pursuant to a VAT assessment agreement from previous years in Israel and related expenses and from increased expenses in connection with the commencement of operations of the Company’s two waste-to-energy projects in the Netherlands and with the Talmei Yosef Project.

· The Company’s share of profits of equity accounted investee, after elimination of intercompany transactions, was approximately €2.2 million for the nine months ended September 30, 2018, compared to approximately €1.6 million in the nine months ended September 30, 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 Energy Ltd. (“Dorad”) due to increased production and lower financing expenses incurred by Dorad for the nine months ended September 30, 2018 as a result of the CPI indexation of loans from banks and related parties.

· Financing expenses, net was approximately €1.8 million for the nine months ended September 30, 2018, compared to approximately €6.9 million for the nine months ended September 30, 2017. The decrease in financing expenses was mainly due to: (i) a profit of approximately €0.3 million for the nine months ended September 30, 2018 in connection with the reevaluation of derivatives, compared to a loss of approximately €2.8 million for the nine months ended September 30, 2017, and (ii) income in connection with exchange rate differences amounting to approximately €0.4 million in the nine months ended September 30, 2018, compared to expenses in connection with the exchange rate differences amounting to approximately €2 million. The change from exchange rate differences was mainly in connection with the Company’s NIS denominated Debentures and the loan to an equity accounted investee, as a result of fluctuations in the euro/NIS exchange rates.

· Taxes on income was approximately €0.1 million for the nine months ended September 30, 2018, compared to approximately €1.1 million for the nine months ended September 30, 2017. The decrease resulted mainly from deferred tax income included in connection with the application of a tax incentive in the Netherlands claimable upon filing the relevant tax return by reducing the amount of taxable profit.

· Net loss was approximately €0.1 million for the nine months ended September 30, 2018, compared to approximately €4.2 million for the nine months ended September 30, 2017.

· Total other comprehensive loss was approximately €0.8 million for the nine months ended September 30, 2018, compared to a profit of approximately €0.2 million for the nine months ended September 30, 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 €0.9 million for the nine months ended September 30, 2018, compared to approximately €4 million for the nine months ended September 30, 2017.

· EBITDA was approximately €6.2 million for the nine months ended September 30, 2018, compared to approximately €7.1 million for the nine months ended September 30, 2017.

· Net cash from operating activities was approximately €4.6 million for the nine months ended September 30, 2018, compared to approximately €3.5 million for the nine months ended September 30, 2017. The increase in net cash from operating activities is mainly due to an interest payment received during 2018 on a loan to an equity accounted investee and to an increase in cash flow resulting from the commencement of operations of a waste-to-energy projects in the Netherlands and from the Talmei Yosef Project.

· As of December 1, 2018, the Company held approximately €46.7 million in cash and cash equivalents, approximately €2.2 million in marketable securities and approximately €5.2 million in restricted short-term and long-term cash.

Ran Fridrich, CEO and a board member of Ellomay commented: “We are concluding nine months that reflect the continued growth of the company with a substantial increase in revenues, resulting mainly from the commencement of operations of two waste-to-energy projects in the Netherlands and the revenues of the Talmei Yosef photovoltaic site. We are continuing with the development of the Talasol project (a 300 MW photovoltaic site in Spain) and the Manara project (a 156 MW pumped storage site in the Manara Cliff, Israel) and the aggregate development costs were approximately euro 2.6 million during January-September 2018, an increase of approximately 53% compared to the same period in 2017. These expenditures are expected to yield an increase in the company’s revenues and to strengthen its position in the renewable energy market.”

Information for the Company’s Series A and Series B Debenture Holders

As of September 30, 2018, the Company’s Net Financial Debt (as such term is defined in the Deeds of Trust of the Company’s Debentures) was approximately €15.3 million (consisting of approximately €72.6 million of short-term and long-term debt from banks and other interest bearing financial obligations and approximately €56.9 million in connection with the Series A Debentures issuances (in January and September 2014) and the Series B Debentures issuance (in March 2017), net of approximately €49.5 million of cash and cash equivalents and marketable securities and net of approximately €64.7 million of project finance and related hedging transactions of the Company’s subsidiaries).

Use of NON-IFRS Financial Measures

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. A reconciliation between results on an IFRS and non-IFRS basis is provided in the last table of this press release.

About Ellomay Capital Ltd.

Ellomay is an Israeli based company whose shares are registered with the NYSE American and with the Tel Aviv Stock Exchange under the trading symbol “ELLO”. Since 2009, Ellomay Capital focuses its business in the renewable energy and power sectors in Europe and Israel.

To date, Ellomay has evaluated numerous opportunities and invested significant funds in the renewable, clean energy and natural resources industries in Israel, Italy and Spain, including:

· 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.

Ellomay Capital is controlled by Mr. Shlomo Nehama, Mr. Hemi Raphael and Mr. Ran Fridrich. 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. Ellomay believes the expertise of Ellomay’s 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.

For more information about Ellomay, visit http://www.ellomay.com.

Information Relating to Forward-Looking Statements

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 the Company’s forward-looking statements, including weather conditions, regulatory changes, changes in the supply and prices of resources required for the operation of the Company’s facilities (such as waste and natural gas), changes in demand and technical and other disruptions in the operations or construction of the power plants owned by the Company. 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.

Contact:

Kalia Weintraub

CFO

Tel: +972 (3) 797-1111

Email: hilai@ellomay.com

Ellomay Capital Ltd. and its Subsidiaries

Condensed Consolidated Statements of Financial Position

	December 31,			September 30,			September 30,
	2017			2018			2018
	Audited			Unaudited			Unaudited
	€ in thousands						Convenience Translation into US$ in thousands
Assets
Current assets
Cash and cash equivalents		23,962			47,386			55,076
Marketable securities		2,162			2,143			2,491
Restricted cash and marketable securities		3,265			3,410			3,963
Receivable from concession project		1,286			1,314			1,527
Financial assets		1,249			1,305			1,517
Trade and other receivables		10,645			11,367			13,212
		42,569			66,925			77,786
Non-current assets
Investment in equity accounted investee		27,655			28,581			33,219
Advances on account of investments		8,825			8,813			10,243
Receivable from concession project		27,725			26,497			30,797
Fixed assets		78,837			77,850			90,484
Intangible asset		5,505			5,053			5,873
Restricted cash and deposits		3,660			2,021			2,349
Deferred tax		1,777			2,386			2,773
Long term receivables		1,535			1,376			1,599
		155,519			152,577			177,337
Total assets		198,088			219,502			255,123
Liabilities and Equity
Current liabilities
Current maturities of long term loans		3,103			5,467			6,354
Debentures		4,644			8,905			10,350
Trade payables		1,349			1,640			1,907
Other payables		2,187			3,924			4,561
		11,283			19,936			23,172
Non-current liabilities
Finance lease obligations		3,690			-			-
Long-term loans		42,091			63,408			73,698
Debentures		52,987			48,043			55,840
Deferred tax		5,982			6,225			7,235
Other long-term liabilities		4,555			5,271			6,126
		109,305			122,947			142,899
Total liabilities		120,588			142,883			166,071
Equity
Share capital		19,980			19,980			23,222
Share premium		58,339			58,342			67,810
Treasury shares		(1,736	)		(1,736	)		(2,018	)
Reserves		2,357			1,580			1,836
Retained earnings (accumulated deficit)		(299	)		85			99
Total equity attributed to shareholders of the Company		78,641			78,251			90,949
Non-Controlling Interest		(1,141	)		(1,632	)		(1,897	)
Total equity		77,500			76,619			89,052
Total liabilities and equity		198,088			219,502			255,123

* Convenience translation into US$ (exchange rate as at September 30, 2018: euro 1 = US$ 1.162)

Ellomay Capital Ltd. and its Subsidiaries

Condensed Consolidated Statements of Comprehensive Income (in thousands, except per share data)

	For the year ended December 31, 2017			For the three months ended September 30,						For the nine months ended September 30						For the nine months ended September 30, 2018
				2017			2018			2017			2018
	Audited			Unaudited						Unaudited						Unaudited
	€ in thousands			€ in thousands						€ in thousands						Convenience Translation into US$*
Revenues		13,636			4,001			5,720			10,769			13,871			16,122
Operating expenses		(2,549	)		(793	)		(1,963	)		(1,656	)		(4,573	)		(5,315	)
Depreciation expenses		(4.518	)		(1,107	)		(1,597	)		(3,305	)		(4,364	)		(5,072	)
Gross profit		6,569			2,101			2,160			5,808			4,934			5,735
Project development costs		(2,739	)		(307	)		(851	)		(1,738	)		(2,622	)		(3,048	)
General and administrative expenses		(2,420	)		(651	)		(785	)		(1,861	)		(2,762	)		(3,210	)
Share of profits of equity accounted investee		1,531			1,658			1,713			1,585			2,214			2,573
Other income, net		18			5			-			14			73			85
Operating profit		2,959			2,806			2,237			3,808			1,837			2,135
Financing income		1,333			186			518			477			1,857			2,158
Financing income (expenses) in connection with derivatives and other assets, net		(3,156	)		(1,258	)		31			(2,848	)		316			367
Financing expenses		(7,405	)		(86	)		(1,468	)		(4,549	)		(4,008	)		(4,658	)
Financing expenses, net		(9,228	)		(1,158	)		(919	)		(6,920	)		(1,835	)		(2,133	)
Profit (loss) before taxes on income		(6,269	)		1,648			1,318			(3,112	)		2			2
Taxes on income		(372	)		(402	)		(302	)		(1,051	)		(120	)		(139	)
Profit (loss) for the period		(6,641	)		1,246			1,016			(4,163	)		(118	)		(137	)
Profit (loss) attributable to:
Owners of the Company		(6,115	)		1,269			1,282			(3,897	)		384			446
Non-controlling interests		(526	)		(23	)		(266	)		(266	)		(502	)		(583	)
Profit (loss) for the period		(6,641	)		1,246			1,016			(4,163	)		(118	)		(137	)
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		(359	)		(660	)		270			446			(529	)		(615	)
Effective portion of change in fair value of cash flow hedges		(1,244	)		(82	)		192			(208	)		(532	)		(618	)
Net change in fair value of cash flow hedges transferred to profit or loss		1,382			218			(183	)		836			295			343
Total other comprehensive income (loss)		(221	)		(524	)		279			182			(766	)		(890	)
Total comprehensive income (loss) for the period		(6,862	)		722			1,295			(3,981	)		(884	)		(1,027	)
Basic net income (loss) per share		(0.57	)		0.12			0.12			(0.36	)		0.04			0.04
Diluted net income (loss) per share		(0.57	)		0.12			0.12			(0.36	)		0.04			0.04

* Convenience translation into US$ (exchange rate as at September 30, 2018: euro 1 = US$ 1.162)

Ellomay Capital Ltd. and its Subsidiaries

Condensed Consolidated Statements of Changes in Equity (in thousands)

																				Non- controlling			Total Equity
			Attributable to shareholders of the Company																	Interests
					Retained earnings (accumulated deficit)						Translation reserve from foreign Operations
	Share capital		Share premium					Treasury shares						Hedging Reserve
																	Total
	€ in thousands
For the nine month ended September 30, 2018 (unaudited):
January 1, 2018		19,980		58,339		(299	)		(1,736	)		2,219			138			78,641			(1,141	)		77,500
Profit (loss) for the period		-		-		384			-			-			-			384			(502	)		(118	)
Other comprehensive profit (loss) for the period		-		-		-			-			(540	)		(237	)		(777	)		11			(766	)
Total comprehensive profit (loss) for the period		-		-		384			-			(540	)		(237	)		(393	)		(491	)		(884	)
Transactions with owners of the Company,  recognized directly in equity:
Share-based payments		-		3		-			-			-			-			3			-			3
Balance as at September 30, 2018		19,980		58,342		85			(1,736	)		1,679			(99	)		78,251			(1,632	)		76,619

																				Non- controlling			Total Equity
			Attributable to shareholders of the Company																	Interests
					Retained earnings (accumulated deficit)						Translation reserve from foreign Operations
	Share capital		Share premium					Treasury shares						Hedging Reserve
																	Total
	US$ in thousands*
For the nine month ended September 30, 2018 (unaudited):
January 1, 2018		23,222		67,806		(347	)		(2,018	)		2,579			160			91,402			(1,327	)		90,075
Profit (loss) for the period		-		-		446			-			-			-			446			(583	)		(137	)
Other comprehensive profit (loss) for the period		-		-		-			-			(628	)		(275	)		(903	)		13			(890	)
Total comprehensive profit (loss) for the period		-		-		446			-			(628	)		(275	)		(457	)		(570	)		(1,027	)
Transactions with owners of the Company,  recognized directly in equity:
Share-based payments		-		4		-			-			-			-			4			-			4
Balance as at September 30, 2018		23,222		67,810		99			(2,018	)		1,951			(115	)		90,949			(1,897	)		89,052

* Convenience translation into US$ (exchange rate as at September 30, 2018: euro 1 = US$ 1.162)

Ellomay Capital Ltd. and its Subsidiaries

Condensed Consolidated Interim Statements of Changes in Equity (in thousands) (cont’d)

																		Non- controlling			Total Equity
			Attributable to shareholders of the Company															Interests
					Retained earnings (accumulated deficit)						Translation reserve from foreign Operations
	Share capital		Share premium					Treasury shares					Hedging Reserve
																Total
	€ in thousands
For the three month ended September 30, 2018 (unaudited):
June 30, 2018		19,980		58,341		(1,197	)		(1,736	)		1,397		(108	)		76,677		(1,354	)		75,323
Profit (loss) for the period		-		-		1,282			-			-		-			1,282		(266	)		1,016
Other comprehensive profit (loss) for the period		-		-		-			-			282		9			291		(12	)		279
Total comprehensive profit (loss) for the period		-		-		1,282			-			282		9			1,573		(278	)		1,295
Transactions with owners of the Company,  recognized directly in equity:
Share-based payments		-		1		-			-			-		-			1		-			1
Balance as at September 30, 2018		19,980		58,342		85			(1,736	)		1,679		(99	)		78,251		(1,632	)		76,619

																			Non- controlling			Total Equity
			Attributable to shareholders of the Company																Interests
											Translation
	Share		Share		Retained			Treasury			reserve from foreign			Hedging
	capital		premium		earnings			shares			Operations			Reserve		Total
	€ in thousands
For the nine month ended September 30, 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		-		-		(3,897	)		-			-			-		(3,897	)		(266	)		(4,163	)
Other comprehensive profit (loss) for the period		-		-		-			-			(473	)		628		155			27			182
Total comprehensive profit (loss) for the period		-		-		(3,897	)		-			(473	)		628		(3,742	)		(239	)		(3,981	)
Transactions with owners of the Company,  recognized directly in equity:
Share-based payments		-		3		-			-			-			-		3			-			3
Own shares acquired		-		-		-			(14	)		-			-		(14	)		-			(14	)
Balance as at September 30, 2017		19,980		58,337		1,919			(1,736	)		2,191			628		81,319			(940	)		80,379

Ellomay Capital Ltd. and its Subsidiaries

Condensed Consolidated Interim Statements of Changes in Equity (in thousands) (cont’d)

																		Non- controlling			Total Equity
			Attributable to shareholders of the Company															Interests
										Translation
	Share		Share		Retained		Treasury			reserve from foreign			Hedging
	capital		premium		earnings		shares			Operations			Reserve		Total
	€ in thousands
For the three month ended September 30, 2017 (unaudited):
Balance as at
June 30, 2017		19,980		58,336		650		(1,736	)		2,886			492		80,608			(952	)		79,656
Profit (loss) for the period		-		-		1,269		-			-			-		1,269			(23	)		1,246
Other comprehensive profit (loss) for the period		-		-		-		-			(695	)		136		(559	)		35			(524	)
Total comprehensive profit (loss) for the period		-		-		1,269		-			(695	)		136		710			12			722
Transactions with owners of the Company,  recognized directly in equity:
Share-based payments		-		1		-		-			-			-		1			-			1
Balance as at September 30, 2017		19,980		58,337		1,919		(1,736	)		2,191			628		81,319			(940	)		80,379

																			Non- controlling			Total Equity
			Attributable to shareholders of the Company																Interests
					Retained						Translation
	Share		Share		earnings (accumulated			Treasury			reserve from foreign			Hedging
	capital		premium		deficit)			shares			Operations			Reserve		Total
	€ in thousands
For the year ended December 31, 2017 (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 profit (loss) for the year		-		-		-			-			(445	)		138		(307	)		86			(221	)
Total comprehensive profit (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

Ellomay Capital Ltd. and its Subsidiaries

Condensed Consolidated Interim Statements of Cash Flow (in thousands)

	For the year ended December 31, 2017			For the three months ended September 30, 2017			For the three months ended September 30, 2018			For the nine months ended September 30, 2017			For the nine months ended September 30, 2018			For the nine months ended September 30, 2018
	Audited			Unaudited			Unaudited			Unaudited			Unaudited			Unaudited
	€ in thousands															Convenience Translation into US$*
Cash flows from operating activities
Profit (loss) for the period		(6,641	)		1,246			1,016			(4,163	)		(118	)		(137	)
Adjustments for:
Financing expenses, net		9,228			1,158			919			6,920			1,835			2,133
Depreciation		4,518			1,107			1,597			3,305			4,364			5,072
Share-based payment transactions		5			1			1			3			3			4
Share of profits of equity accounted investees		(1,531	)		(1,658	)		(1,713	)		(1,585	)		(2,214	)		(2,573	)
Payment of interest on loan from an equity accounted investee		407			407			-			407			1,176			1,367
Change in trade receivables and other receivables		2,012			209			(356	)		508			(200	)		(232	)
Change in other assets		126			(1,351	)		(355	)		(547	)		(220	)		(256	)
Change in receivables from concessions project		(84	)		-			454			-			1,076			1,251
Change in accrued severance pay, net		2			1			(2	)		2			15			17
Change in trade payables		(258	)		425			(37	)		210			291			338
Change in other payables		(2,655	)		1,029			271			(1,253	)		(39	)		(45	)
Taxes on income		372			402			302			1,051			120			139
Income taxes paid		(42	)		-			(28	)		-			(44	)		(51	)
Interest received		505			135			518			360			1,406			1,634
Interest paid		(3,659	)		(206	)		(206	)		(1,720	)		(2,803	)		(3,258	)
Net cash provided by (used in) operating activities		2,305			2,905			2,381			3,498			4,648			5,403
Cash flows from investing activities
Acquisition of fixed assets		(7,576	)		(2,240	)		(455	)		(6,356	)		(3,061	)		(3,558	)
Acquisition of subsidiary, net of cash acquired		(9,851	)		-			-			-			-			-
Advances on account of investments		(8,000	)		-			-			(8,978	)		-			-
Repayment of loan to an equity accounted investee		-			-			-			-			490			570
Acquisition of marketable securities		(6,677	)		-			-			(6,677	)		-			-
Proceeds from marketable securities		1,277			1,277			3,316			1,277			3,316			3,854
Proceeds (Investment) in restricted cash, net		3,225			38			(3,393	)		3,264			(1,789	)		(2,079	)
Proceeds of Forward contract		-			1,788			187			1,788			594			690
Settlement of derivatives, net		620			-			-			(2,027	)		(184	)		(214	)
Loans to others		(361	)		-			-			(361	)		-			-
Net cash provided by (used in) investing activities		(27,343	)		863			(345	)		(18,070	)		(634	)		(737	)
Cash flows from financing activities
Repayment of long-term loans and finance lease obligations		(2,224	)		(459	)		(201	)		(1,205	)		(14,928	)		(17,351	)
Proceeds from issuance of debentures, net		31,175			-			-			31,175			-			-
Repayment of Debentures		(4,842	)		-			-			-			-			-
Proceeds from long-term loans		5,575			-			14			5,419			34,515			40,116
Repurchase of own shares		(14	)		-			-			(14	)		-			-
Net cash provided by (used in) financing activities		29,670			(459	)		(187	)		35,375			19,587			22,765
Effect of exchange rate fluctuations on cash and cash equivalents		(3,156	)		(1,371	)		(73	)		(3,207	)		(177	)		(206	)
Increase in cash and cash equivalents		1,476			1,938			1,776			17,596			23,424			27,225
Cash and cash equivalents at the beginning of the period		22,486			38,144			45,610			22,486			23,962			27,851
Cash and cash equivalents at the end of the period		23,962			40,082			47,386			40,082			47,386			55,076

* Convenience translation into US$ (exchange rate as at September 30, 2018: euro 1 = US$ 1.162)

Ellomay Capital Ltd. and its Subsidiaries

Reconciliation of Loss to EBITDA (in thousands)

	For the year ended December 31,			For the three months ended September 30,				For the nine months ended September 30,						For the nine months ended September 30,
	2017			2017		2018		2017			2018			2018
	Unaudited
	€ in thousands													Convenience Translation into US$*
Net Profit (loss) for the period		(6,641	)		1,246		1,016		(4,163	)		(118	)		(137	)
Financing expenses, net		9,228			1,158		919		6,920			1,835			2,133
Taxes on income		372			402		302		1,051			120			139
Depreciation		4,518			1,107		1,597		3,305			4,364			5,072
EBITDA		7,477			3,913		3,834		7,113			6,201			7,207

* Convenience translation into US$ (exchange rate as at September 30, 2018: euro 1 = US$ 1.162)