EX-99.1 2 exhibit_99-1.htm EXHIBIT 99.1

Exhibit 99.1

Ellomay Capital Reports Results for the Fourth Quarter and Full Year of 2018

Tel-Aviv, Israel, March 29, 2019 – 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 twelve month periods ended December 31, 2018.

Financial Highlights

·
Revenues were approximately €18.1 million for the year ended December 31, 2018, compared to approximately €13.6 million for the year ended December 31, 2017. The increase in revenues is mainly a result of the commencement of operations of the Company’s two waste-to-energy projects (the “WtE Projects”) in the Netherlands (one in November 2017 and the other in June 2018) and the results for a full year of the photovoltaic plant in Talmei Yosef (the “Talmei Yosef PV Plant”), acquired in October 2017, partially offset by lower revenues in Italy due to relatively lower radiation levels in the year ended December 31, 2018 compared to the year ended December 31, 2017.
 
·
Operating expenses were approximately €6.3 million for the year ended December 31, 2018, compared to approximately €2.5 million for the year ended December 31, 2017. The increase in operating expenses is mainly attributable to additional operating expenses resulting from the commencement of operations of the WtE Projects in the Netherlands, as WtE operations are characterized by higher operating expenses compared to PV operations, resulting from the components of raw materials and the costs of waste removal, and from the acquisition of the Talmei Yosef PV Plant. Depreciation expenses were approximately €5.8 million for the year ended December 31, 2018, compared to approximately €4.5 million for the year ended December 31, 2017.
 
·
Project development costs were approximately €2.9 million for the year ended December 31, 2018, compared to approximately €2.7 million for the year ended December 31, 2017. The increase in project development costs is mainly attributable to consultancy expenses in connection with the project to promote the construction of a 300 MW photovoltaic plant in the municipality of Talaván, Cáceres, Spain (the “Talasol Project”).
 
·
General and administrative expenses were approximately €3.6 million for the year ended December 31, 2018, compared to approximately €2.4 million for the year ended December 31, 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 resulting from the commencement of operations of the WtE Projects in the Netherlands and the acquisition of the Talmei Yosef PV Plant.
 
·
Share of profits of equity accounted investee, after elimination of intercompany transactions, was approximately €2.5 million in the year ended December 31, 2018, compared to approximately €1.5 million in the year ended December 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 to lower financial expenses incurred by Dorad as a result of the CPI indexation of loans from banks and related parties.
 
·
Financing expenses, net was approximately €2.1 million for the year ended December 31, 2018, compared to approximately €9.2 million for the year ended December 31, 2017. The decrease in financing expenses was mainly due to: (i) the reevaluation of the Company’s euro/US$ forward transactions and marketable securities in the aggregate profit amount of approximately €0.5 million for the year ended December 31, 2018, compared to a loss of approximately €3.2 million for the year ended December 31, 2017, and (ii) income in connection with exchange rate differences amounting to approximately €0.7 million in the year ended December 31, 2018, mainly in connection with the NIS denominated Debentures, compared to expenses in the amount of approximately €3.6 million in the year ended December 31, 2017, mainly in connection with US dollar denominated cash and marketable securities, resulting from exchange rate differences caused by the 14% revaluation of the euro against the US$ during 2017. Following the change of presentation currency in 2017, the Company converted the majority of its cash and marketable securities from US dollar to euro.
 
·
Taxes on income were approximately €0.2 million in the year ended December 31, 2018, compared to approximately €0.4 million in the year ended December 31, 2017. This decrease resulted mainly from the application of a tax incentive in the Netherlands applicable for companies that invest in energy-efficient technology, claimable upon filing the relevant tax return by reducing the amount of taxable profit.
 
·
Net profit was approximately €0.6 million in the year ended December 31, 2018, compared to net loss of approximately €6.6 million for the year ended December 31, 2017.
 
·
Net profit per share was approximately €0.1 in the year ended December 31, 2018, compared to net loss per share of approximately €0.57 for the year ended December 31, 2017.
 
·
Total other comprehensive loss was approximately €1.2 million for the year ended December 31, 2018, compared to total other comprehensive loss of approximately €0.2 million in the year ended December 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 €0.5 million in the year ended December 31, 2018, compared to total comprehensive loss of approximately €6.9 million in the year ended December 31, 2017.
 
·
EBITDA was approximately €8.7 million for the year ended December 31, 2018, compared to approximately €7.5 million for the year ended December 31, 2017.
 
·
Net cash from operating activities was approximately €6.6 million for the year ended December 31, 2018, compared to approximately €2.3 million for the year ended December 31, 2017. The increase in net cash from operating activities is mainly attributable to interest payment received during 2018 on a loan to an equity accounted investee.
 
·
As of March 1, 2019, the Company held approximately €29.8 million in cash and cash equivalents, approximately €0.4 million in marketable securities and approximately €6.9 million in restricted short-term and long-term cash.
 
Ran Fridrich, CEO and a board member of Ellomay commented: “2018 met our target presenting increased revenues, net profit and a strong cash flow from operations, while we continue promoting our major development projects – Talasol and Manara PSP. We expect to commence the construction of the Talasol project during the first half of 2019 and are diligently promoting the Manara PSP project towards financial closing.”
 
Information for the Company’s Series A and Series B Debenture Holders
 
As of December 31, 2018, the Company’s Net Financial Debt (as such term is defined in the Deeds of Trust of the Company’s Debentures) was approximately €20.2 million (consisting of approximately €69.8 million of short-term and long-term debt from banks and other interest bearing financial obligations and approximately €51.3 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 €39 million of cash and cash equivalents and marketable securities and net of approximately €61.9 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;
·
Talasol, which is involved in a project to construct a photovoltaic plant with a peak capacity of 300 MW in the municipality of Talaván, Cáceres, Spain.

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 controlling shareholders and management enables the Company to access the capital markets, as well as assemble global institutional investors and other potential partners. As a result, we believe Ellomay is capable of considering significant and complex transactions, beyond its immediate financial resources.
 
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 our 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 us. 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: limors@ellomay.com

Ellomay Capital Ltd. and its Subsidiaries
 
Condensed Consolidated Statements of Financial Position

   
December 31,
  
   
2018
    
2017
    
2018
  
   
Audited
  
   
€ in thousands
    
Convenience Translation into US$ in thousands*
  
Assets
                  
Current assets:
                  
Cash and cash equivalents
    
36,882
      
23,962
      
42,231
  
Marketable securities
    
2,132
      
2,162
      
2,441
  
Restricted cash and marketable securities
    
4,653
      
3,265
      
5,328
  
Receivable from concession project
    
1,292
      
1,286
      
1,479
  
Financial assets
    
1,282
      
1,249
      
1,468
  
Trade and other receivables
    
12,623
      
10,645
      
14,454
  
     
58,864
      
42,569
      
67,401
  
Non-current assets
                        
Investment in equity accounted investee
    
27,746
      
27,655
      
31,770
  
Advances on account of investments
    
798
      
8,825
      
914
  
Receivable from concession project
    
25,710
      
27,725
      
29,439
  
Fixed assets
    
87,220
      
78,837
      
99,870
  
Intangible asset
    
4,882
      
5,505
      
5,590
  
Restricted cash and deposits
    
2,062
      
3,660
      
2,361
  
Deferred tax
    
2,423
      
1,777
      
2,774
  
Long term receivables
    
1,455
      
1,535
      
1,666
  
     
152,296
      
155,519
      
174,384
  
                         
Total assets
    
211,160
      
198,088
      
241,785
  
                         
Liabilities and Equity
                        
Current liabilities
                        
Current maturities of long term loans
    
5,864
      
3,103
      
6,714
  
Debentures
    
8,758
      
4,644
      
10,028
  
Trade payables
    
2,126
      
1,349
      
2,434
  
Other payables
    
3,103
      
2,187
      
3,553
  
     
19,851
      
11,283
      
22,729
  
Non-current liabilities
                        
Finance lease obligations
    
-
      
3,690
      
-
  
Long-term loans
    
60,228
      
42,091
      
68,963
  
Debentures
    
42,585
      
52,987
      
48,761
  
Deferred tax
    
6,219
      
5,982
      
7,121
  
Other long-term liabilities
    
5,320
      
4,555
      
6,092
  
     
114,352
      
109,305
      
130,937
  
Total liabilities
    
134,203
      
120,588
      
153,666
  
Equity
                        
Share capital
    
19,980
      
19,980
      
22,878
  
Share premium
    
58,344
      
58,339
      
66,806
  
Treasury shares
    
(1,736
)
    
(1,736
)
    
(1,988
)
Reserves
    
1,169
      
2,357
      
1,339
  
Retained earnings (accumulated deficit)
    
758
      
(299
)
    
868
  
Total equity attributed to shareholders of  the Company
    
78,515
      
78,641
      
89,903
  
Non-Controlling Interest
    
(1,558
)
    
(1,141
)
    
(1,784
)
Total equity
    
76,957
      
77,500
      
88,119
  
Total liabilities and equity
    
211,160
      
198,088
      
241,785
  
 
* Convenience translation into US$ (exchange rate as at December 31, 2018: euro 1 = US$ 1.145)

Ellomay Capital Ltd. and its Subsidiaries

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

                         
   
For the three months
ended December 31,
    
For the year
ended December 31,
    
For the three months ended December 31,
    
For the year ended December 31,
  
   
2017
    
2018
    
2017
    
2018
    
2018
    
2018
  
   
Unaudited
    
Audited
    
Unaudited
    
Audited
  
   
€ in thousands
    
Convenience Translation into US$*
  
Revenues
    
2,867
      
4,246
      
13,636
      
18,117
      
4,862
      
20,745
  
Operating expenses
    
(892
)
    
(1,769
)
    
(2,549
)
    
(6,342
)
    
(2,026
)
    
(7,262
)
Depreciation expenses
    
(1,213
)
    
(1,452
)
    
(4.518
)
    
(5,816
)
    
(1,663
)
    
(6,660
)
Gross profit
    
761
      
1,025
      
6,569
      
5,959
      
1,173
      
6,823
  
                                                 
Project development costs
    
(1,001
)
    
(256
)
    
(2,739
)
    
(2,878
)
    
(293
)
    
(3,295
)
General and administrative expenses
    
(559
)
    
(838
)
    
(2,420
)
    
(3,600
)
    
(960
)
    
(4,122
)
Share of profits (loss) of equity accounted investee
    
(55
)
    
331
      
1,531
      
2,545
      
379
      
2,914
  
Other income, net
    
4
      
811
      
18
      
884
      
929
      
1,012
  
Operating profit (loss)
    
(849
)
    
1,073
      
2,959
      
2,910
      
1,228
      
3,332
  
                                                 
Financing income
    
856
      
739
      
1,333
      
2,936
      
846
      
3,362
  
Financing income (expenses) in connection with derivatives, net
    
(308
)
    
347
      
(3,156
)
    
494
      
397
      
566
  
Financing expenses
    
(2,856
)
    
(1,342
)
    
(7,405
)
    
(5,521
)
    
(1,537
)
    
(6,322
)
Financing income (expenses), net
    
(2,308
)
    
(256
)
    
(9,228
)
    
(2,091
)
    
(294
)
    
(2,394
)
Profit (Loss) before taxes on income
    
(3,157
)
    
817
      
(6,269
)
    
819
      
934
      
938
  
Tax benefit  (Taxes on income)
    
679
      
(95
)
    
(372
)
    
(215
)
    
(107
)
    
(246
)
Profit (Loss) for the period
    
(2,478
)
    
722
      
(6,641
)
    
604
      
827
      
692
  
Profit (Loss) attributable to:
                                                
Owners of the Company
    
(2,218
)
    
673
      
(6,115
)
    
1,057
      
771
      
1,211
  
Non-controlling interests
    
(260
)
    
49
      
(526
)
    
(453
)
    
56
      
(519
)
Profit (loss) for the year
    
(2,478
)
    
722
      
(6,641
)
    
604
      
827
      
692
  
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
    
87
      
(258
)
    
(359
)
    
(787
)
    
(295
)
    
(901
)
Other comprehensive income items that will not be transferred to profit or loss:
                                                
Effective portion of change in fair value of cash flow hedges
    
(1,036
)
    
(476
)
    
(1,244
)
    
(1,008
)
    
(545
)
    
(1,154
)
Net change in fair value of cash flow hedges transferred to profit or loss
    
546
      
348
      
1,382
      
643
      
398
      
736
  
Total other comprehensive loss
    
(403
)
    
(386
)
    
(221
)
    
(1,152
)
    
(442
)
    
(1,319
)
Total comprehensive profit (loss) for the year
    
(2,881
)
    
336
      
(6,862
)
    
(548
)
    
385
      
(627
)
                                                 
Basic net profit (loss) per share
    
(0.15
)
    
0.00
      
(0.57
)
    
0.10
      
0.00
      
0.11
  
Diluted net profit (loss) per share
    
(0.15
)
    
0.00
      
(0.57
)
    
0.10
      
0.00
      
0.11
  
 
* Convenience translation into US$ (exchange rate as at December 31, 2018: euro 1 = US$ 1.145)

Ellomay Capital Ltd. and its Subsidiaries

Condensed Consolidated Statements of Changes in Equity (in thousands)
 
 
               
Non-
controlling
    
 
Total
  
         
Attributable to shareholders of the Company
    
Interests
    
Equity
  
                                                       
                           
Translation
                          
   
 
 
Share
    
 
 
Share
    
Retained
 earnings (accumulated
    
 
 
Treasury
    
reserve
from
foreign
    
 
 
Hedging
                    
   
capital
    
premium
    
deficit)
    
shares
    
operations
    
Reserve
    
Total
              
   
€ in thousands
  
For the year ended
                                                      
December 31, 2018:
                                                      
Balance as at
                                                      
January 1, 2018
    
19,980
      
58,339
      
(299
)
    
(1,736
)
    
2,219
      
138
      
78,641
      
(1,141
)
    
77,500
  
Profit for the year
    
-
      
-
      
1,057
      
-
      
-
      
-
      
1,057
      
(453
)
    
604
  
Other comprehensive loss for the year
    
-
      
-
      
-
      
-
      
(823
)
    
(365
)
    
(1,188
)
    
36
      
(1,152
 ) 
Total comprehensive loss for the year
    
-
      
-
      
1,057
      
-
      
(823
)
    
(365
)
    
(131
)
    
(417
)
    
(548
)
Transactions with owners of the Company,  recognized directly in equity:
                                                                        
Share-based payments
    
-
      
5
      
-
      
-
      
-
      
-
      
5
      
-
      
5
  
Balance as at
                                                                        
December 31, 2018
    
19,980
      
58,344
      
758
      
(1,736
)
    
1,396
      
(227
)
    
78,515
      
(1,558
)
    
76,957
  
                                                                         
For the three months
                                                                        
ended December 31, 2018 (Unaudited):
                                                                        
Balance as at
                                                                        
September 30, 2018
    
19,980
      
58,342
      
85
      
(1,736
)
    
1,679
      
(99
)
    
78,251
      
(1,632
)
    
76,619
  
Profit for the period
    
-
      
-
      
673
      
-
      
-
      
-
      
673
      
49
      
722
  
Other comprehensive loss for the period
    
-
      
-
      
-
      
-
      
(283
)
    
(128
)
    
(411
)
    
25
      
(386
)
Total comprehensive income for the period
    
-
      
-
      
673
      
-
      
(283
)
    
(128
)
    
262
      
74
      
336
  
Transactions with owners of the Company,  recognized directly in equity:
                                                                        
Share-based payments
    
-
      
2
      
-
      
-
      
-
      
-
      
2
      
-
      
2
  
Balance as at
                                                                        
December 31, 2018
    
19,980
      
58,344
      
758
      
(1,736
)
    
1,396
      
(227
)
    
78,515
      
(1,558
)
    
76,957
  




Ellomay Capital Ltd. and its Subsidiaries

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

               
Non-
controlling
    
 
Total
  
         
Attributable to shareholders of the Company
    
Interests
    
Equity
  
                                                       
                           
Translation
                          
   
 
 
Share
    
 
 
Share
    
Retained
 earnings (accumulated
    
 
 
Treasury
    
reserve
from
foreign
    
 
 
Hedging
                    
   
capital
    
premium
    
deficit)
    
shares
    
operations
    
Reserve
    
Total
              
   
€ in thousands
  
For the year ended
                                                      
December 31, 2017:
                                                      
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
  
                                                                         
For the three months
                                                                        
ended December 31, 2017 (Unaudited):
                                                                        
Balance as at
                                                                        
September 30, 2017
    
19,980
      
58,337
      
1,335
      
(1,736
)
    
2,776
      
628
      
81,320
      
(940
)
    
80,380
  
Loss for the period
    
-
      
-
      
(1,634
)
    
-
      
-
      
-
      
(1,634
)
    
(260
)
    
(1,894
)
Other comprehensive loss for the period
    
-
      
-
      
-
      
-
      
(557
)
    
(490
)
    
(1,047
)
    
59
      
(988
)
Total comprehensive loss for the period
    
-
      
-
      
(1,634
)
    
-
      
(557
)
    
(490
)
    
(2,681
)
    
(201
)
    
(2,882
)
Transactions with owners of the Company,  recognized directly in equity:
                                                                        
Share-based payments
    
-
      
2
      
-
      
-
      
-
      
-
      
2
      
-
      
2
  
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 Changes in Equity (in thousands) (cont’d)

               
Non-
controlling
    
 
Total
  
         
Attributable to shareholders of the Company
    
Interests
    
Equity
  
                                                       
                           
Translation
                          
   
 
 
Share
    
 
 
Share
    
Retained
 earnings (accumulated
    
 
 
Treasury
    
reserve
from
foreign
    
 
 
Hedging
                    
   
capital
    
premium
    
deficit)
    
shares
    
operations
    
Reserve
    
Total
              
Convenience translation into US$ (exchange rate as at December 31, 2018: (euro 1 = US$ 1.145)
  
For the year ended
                                                      
December 31, 2018:
                                                      
Balance as at
                                                      
January 1, 2018
    
22,878
      
66,800
      
(343
)
    
(1,988
)
    
2,541
      
158
      
90,046
      
(1,306
)
    
88,740
  
Profit for the year
                    
1,211
                              
1,211
      
(519
)
    
692
  
Other comprehensive loss for the year
    
-
      
-
      
-
      
-
      
(942
)
    
(418
)
    
(1,360
)
    
41
      
(1,319
)
Total comprehensive loss for the year
    
-
      
-
      
1,211
      
-
      
(942
)
    
(418
)
    
(149
)
    
(478
)
    
(627
)
Transactions with owners of the Company,  recognized directly in equity:
                                                                        
Share-based payments
    
-
      
6
      
-
      
-
      
-
      
-
      
6
      
-
      
6
  
Balance as at
                                                                        
 December 31, 2018
    
22,878
      
66,806
      
868
      
(1,988
)
    
1,599
      
(260
)
    
89,903
      
(1,784
)
    
88,119
  
For the three months
                                                                        
ended December 31, 2018 (Unaudited):
                                                                        
Balance as at
                                                                        
September 30, 2018
    
22,878
      
66,804
      
97
      
(1,988
)
    
1,923
      
(113
)
    
89,601
      
(1,869
)
    
87,732
  
Profit for the period
                    
771
                              
771
      
56
      
827
  
Other comprehensive loss for the period
    
-
      
-
      
-
      
-
      
(324
)
    
(147
)
    
(471
)
    
29
      
(442
)
Total comprehensive income for the period
    
-
      
-
      
771
      
-
      
(324
)
    
(147
)
    
300
      
85
      
385
  
Transactions with owners of the Company,  recognized directly in equity:
                                                                        
Share-based payments
    
-
      
2
      
-
      
-
      
-
      
-
      
2
      
-
      
2
  
Balance as at
                                                                        
 December 31, 2018
    
22,878
      
66,806
      
868
      
(1,988
)
    
1,599
      
(260
)
    
89,903
      
(1,784
)
    
88,119
  

 
Ellomay Capital Ltd. and its Subsidiaries

Condensed Consolidated Interim Statements of Cash Flow (in thousands)
 
   
For the three months ended December 31,
    
For the year ended December 31,
    
For the three months ended December 31,
    
For the year ended December 31,
  
   
2017
    
2018
    
2017
    
2018
    
2018
    
2018
  
   
Unaudited
    
Audited
    
Unaudited
    
Audited
  
   
€ in thousands
    
Convenience Translation into US$*
  
Cash flows from operating activities
                                    
Profit (loss) for the period
    
(2,478
)
    
722
      
(6,641
)
    
604
      
827
      
692
  
Adjustments for:
                                                
Financing expenses, net
    
2,308
      
256
      
9,228
      
2,091
      
294
      
2,394
  
Depreciation
    
1,213
      
1,452
      
4,518
      
5,816
      
1,663
      
6,660
  
Share-based payment transactions
    
2
      
2
      
5
      
5
      
2
      
6
  
Share of (profits) loss of equity accounted investees
    
54
      
(331
)
    
(1,531
)
    
(2,545
)
    
(379
)
    
(2,914
)
Payment of interest on loan from an equity accounted investee
    
-
      
1,860
      
407
      
3,036
      
2,130
      
3,476
  
Change in trade receivables and other receivables
    
2,559
      
183
      
2,012
      
(17
)
    
210
      
(19
)
Change in other assets
    
(382
)
    
257
      
126
      
37
      
294
      
42
  
Change in receivables from concessions project
    
(84
)
    
355
      
(84
)
    
1,431
      
406
      
1,639
  
Change in accrued severance pay, net
    
-
      
-
      
2
      
15
      
-
      
17
  
Change in trade payables
    
(468
)
    
342
      
(258
)
    
633
      
392
      
725
  
Change in other payables
    
(1,403
)
    
(1,527
)
    
(2,655
)
    
(1,565
)
    
(1,748
)
    
(1,792
)
Income tax expense (tax benefit)
    
(679
)
    
95
      
372
      
215
      
107
      
246
  
Income taxes paid
    
(42
)
    
(33
)
    
(42
)
    
(77
)
    
(38
)
    
(88
)
Interest received
    
145
      
429
      
505
      
1,835
      
491
      
2,101
  
Interest paid
    
(1,939
)
    
(2,121
)
    
(3,659
)
    
(4,924
)
    
(2,429
)
    
(5,638
)
     
1,284
      
1,219
      
8,946
      
5,986
      
1,395
      
6,855
  
Net cash from operating activities
    
(1,194
)
    
1,941
      
2,305
      
6,590
      
2,222
      
7,547
  
Cash flows from investing activities
                                                
Acquisition of fixed assets
    
(1,220
)
    
(647
)
    
(7,576
)
    
(3,708
)
    
(741
)
    
(4,246
)
Acquisition of subsidiary, net of cash acquired
    
(9,851
)
    
(1,000
)
    
(9,851
)
    
(1,000
)
    
(1,145
)
    
(1,145
)
Advances on account of investments
    
978
      
-
      
(8,000
)
    
-
      
-
      
-
  
Repayment of loan from an equity accounted investee
    
-
      
1,050
      
-
      
1,540
      
1,202
      
1,763
  
Acquisition of marketable securities
    
-
      
-
      
(6,677
)
    
-
      
-
      
-
  
Proceeds from marketable securities
    
-
      
-
      
1,277
      
3,316
      
-
      
3,797
  
Proceed from settlement of derivatives, net
    
859
      
254
      
620
      
664
      
291
      
760
  
Decrease (increase) in restricted cash
    
(39
)
    
(1,318
)
    
3,225
      
(3,107
)
    
(1,509
)
    
(3,558
)
Loans to others
    
-
      
(3,500
)
    
(361
)
    
(3,500
)
    
(4,008
)
    
(4,008
)
Net cash from (used in) investing activities
    
(9,273
)
    
(5,161
)
    
(27,343
)
    
(5,795
)
    
(5,910
)
    
(6,637
)
Cash flows from financing activities
                                                
Dividend paid
    
-
      
-
      
-
      
-
      
-
      
-
  
Repayment of long-term loans and finance lease obligations
    
(1,019
)
    
(2,891
)
    
(2,224
)
    
(17,819
)
    
(3,310
)
    
(20,403
)
Repayment of Debentures
    
(4,842
)
    
(4,668
)
    
(4,842
)
    
(4,668
)
    
(5,345
)
    
(5,345
)
Repurchase of own shares
    
-
      
-
      
(14
)
    
-
      
-
      
-
  
Proceeds from long term loans
    
156
      
230
      
5,575
      
34,745
      
263
      
39,784
  
Proceeds from issuance of Debentures, net
    
-
      
-
      
31,175
      
-
      
-
      
-
  
Net cash from (used in) financing activities
    
(5,705
)
    
(7,329
)
    
29,670
      
12,258
      
(8,392
)
    
14,036
  
                                                 
Effect of exchange rate fluctuations on cash and cash equivalents
    
52
      
44
      
(3,156
)
    
(133
)
    
51
      
(152
)
Increase (decrease) in cash and cash equivalents
    
(16,120
)
    
(10,505
)
    
1,476
      
12,920
      
(12,029
)
    
14,794
  
Cash and cash equivalents at the beginning of the period
    
40,082
      
47,387
      
22,486
      
23,962
      
54,260
      
27,437
  
Cash and cash equivalents at the end of the period
    
23,962
      
36,882
      
23,962
      
36,882
      
42,231
      
42,231
  
 
* Convenience translation into US$ (exchange rate as at December 31, 2018: euro 1 = US$ 1.145)
Ellomay Capital Ltd. and its Subsidiaries

Reconciliation of Profit (Loss) to EBITDA (in thousands)

   
For the three months ended December 31,
    
For the year ended December 31,
    
For the three months ended December 31,
    
For the year ended December 31,
  
   
2017
    
2018
    
2017
    
2018
    
2018
    
2018
  
   
Unaudited
  
   
€ in thousands
    
Convenience Translation into US$*
  
Net profit (loss) for the period
    
(2,478
)
    
722
      
(6,641
)
    
604
      
827
      
692
  
Financing expenses, net
    
2,308
      
256
      
9,228
      
2,091
      
294
      
2,394
  
Taxes on income (tax benefit)
    
(679
)
    
95
      
372
      
215
      
107
      
246
  
Depreciation
    
1,213
      
1,452
      
4,518
      
5,816
      
1,663
      
6,660
  
EBITDA
    
364
      
2,525
      
7,477
      
8,726
      
2,891
      
9,992
  
 
* Convenience translation into US$ (exchange rate as at December 31, 2018: euro 1 = US$ 1.145)