Ellomay Capital Ltd.
|
|||
By:
|
/s/ Ran Fridrich
|
||
Ran Fridrich
|
|||
Chief Executive Officer and Director
|
|||
• |
The Company recorded revenues of approximately €19 million for the year ended December 31, 2019, up 5% from approximately €18.1 million for the year ended December 31, 2018. The revenue increase is mainly due to the commencement of
operations of the Company’s waste-to-energy project in Oude Tonge, the Netherlands in June 2018 and relatively higher levels of radiation in Italy during 2019 compared to 2018.
|
• | Operating expenses were approximately €6.6 million for the year ended December 31, 2019, compared to approximately €6.3 million for the year ended December 31, 2018. The increase in operating expenses is mainly attributable to additional operating expenses from the commencement of operations at the Company’s waste-to-energy project in Oude Tonge, the Netherlands. Depreciation and amortization expenses were approximately €6.4 million for the year ended December 31, 2019, compared to approximately €5.8 million for the year ended December 31, 2018. |
• |
Project development costs were approximately €4.2 million for the year ended December 31, 2019, compared to approximately €2.9 million for the year ended December 31, 2018. The increase in project development costs is mainly
attributable to consultancy expenses for the planned construction of a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel.
|
• |
General and administrative expenses were approximately €3.8 million for the year ended December 31, 2019, compared to approximately €3.6 million for the year ended December 31, 2018 due to a slight increase in labor and consultancy
expenses.
|
• |
Share of profits of equity accounted investee, after elimination of intercompany transactions, was approximately €3.1 million in the year ended December 31, 2019, compared to approximately €2.5 million in the year ended December 31,
2018. 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 and to lower financial expenses incurred by Dorad as a result of the CPI indexation
of loans from banks and related parties.
|
• |
Other expenses, net for the year ended December 31, 2019 were approximately €2.1 million, compared to other income, net of approximately €0.9 million in the year ended December 31, 2018. During 2019 the Company recorded expenses in
the amount of approximately €2.1 million in connection with the announcement received from Gestore dei Servizi Elettrici (“GSE”) Italy’s energy regulation agency, by one of the Company’s Italian subsidiaries, claiming alleged
non-compliance of the installed modules with the required certifications under the applicable regulation and raising the need to examine incentive eligibility implications (the “GSE Claim”). On December 20, 2019, the Company sold its
holdings in this subsidiary. The Sale and Purchase Agreement governing the sale of the subsidiary provided for of up to €2.1 million of indemnification in connection with the GSE Claim and the Company recorded this potential payment as
other expenses.
|
• |
On December 20, 2019, in connection with the sale of ten Italian indirect wholly-owned subsidiaries of the Company, which own twelve photovoltaic plants with an aggregate nominal capacity of approximately 22.6 MW, the Company
recorded a capital gain in the amount of approximately €18.8 million. The agreed purchase price was €41 million for the cutoff date of December 31, 2018 and adjusted in connection with funds received by the Company from the Italian
Subsidiaries during 2019 (approximately €2.3 million), resulting in a cash purchase price of approximately €38.7 million.
|
• |
Financing expenses, net was approximately €8.2 million for the year ended December 31, 2019, compared to approximately €2.1 million for the year ended December 31, 2018. The increase in financing expenses was mainly due to: (i)
expenses in connection with exchange rate differences amounting to approximately €2 million in the twelve months ended December 31, 2019, mainly in connection with the Company’s NIS denominated Debentures, the loan to an equity
accounted investee and cash and cash equivalents, caused by the 9.6% devaluation of the euro against the NIS during this period, compared to income in connection with exchange rate differences amounting to approximately €0.7 million in
the twelve months ended December 31, 2018 (ii) charges of approximately €2 million recorded in 2019 in connection with the early repayment of the entire outstanding principal of the Company’s Series A Debentures, and (iii) an increase
of approximately €0.5 million in interest and swap expenses mainly as a result of the financing transaction entered in March 2019 by four Spanish indirect wholly-owned subsidiaries and as a result of expenses recorded in connection with
the swap transaction entered by the Italian subsidiaries that were sold on December 20, 2019.
|
• |
Tax benefit was approximately €0.3 million in the year ended December 31, 2019, compared to taxes on income of approximately €0.2 million in the year ended December 31, 2018. The change is due to deferred taxes arising from timing
differences in depreciation expenses in connection with the Talasol Project.
|
• |
Net profit was approximately €9.8 million in the year ended December 31, 2019, compared to net loss of approximately €0.6 million for the year ended December 31, 2018.
|
• |
Net profit per share was approximately €1.09 in the year ended December 31, 2019, compared to approximately €0.1 for the year ended December 31, 2018.
|
• |
Total other comprehensive income was approximately €1.3 million for the year ended December 31, 2019, compared to total other comprehensive loss of approximately €1.2 million in the year ended December 31, 2018. 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 profit was approximately €10.3 million in the year ended December 31, 2019, compared to total comprehensive loss of approximately €0.5 million in the year ended December 31, 2018.
|
• |
EBITDA was approximately €24.1 million for the year ended December 31, 2019 (including €18.8 million capital gain recorded in connection of the sale of Italian subsidiaries), compared to approximately €8.7 million for the year ended
December 31, 2018.
|
• |
Net cash from operating activities was approximately €3.7 million for the year ended December 31, 2019, compared to approximately €6.6 million for the year ended December 31, 2018.
|
• |
As of March 1, 2020, the Company held approximately €59.4 million in cash and cash equivalents, approximately €2.2 million
in marketable securities and approximately €10.1 million in restricted long-term cash.
|
• |
On March 30, 2020, the Company's Board of Directors approved a plan to repurchase the Company's debentures in an aggregate amount of up to NIS 15 million for a six month period. The timing, volume and nature of repurchases will be at
the sole discretion of management and will depend on market conditions, the price and availability of the Company's debentures, and other factors. No assurance can be given that any particular amount of debentures will be repurchased
and the repurchase plan does not obligate the Company to acquire a specific amount of debentures in any period.
|
• |
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 850MW, representing about 6%-8% of
Israel’s total current electricity consumption;
|
• |
51% of Talasol, which is involved in a project to construct a photovoltaic plant with a peak capacity of 300MW in the municipality of Talaván, Cáceres, Spain;
|
• |
100% 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;
|
• |
75% of Ellomay Pumped Storage (2014) Ltd. (including 6.67% that are held by a trustee in trust for us and other parties), which is involved in a project to construct a 156 MW pumped storage
hydro power plant in the Manara Cliff, Israel.
|
December 31,
|
||||||||||||
2019
|
2018
|
2019
|
||||||||||
Unaudited
|
Audited
|
Unaudited
|
||||||||||
€ in thousands
|
Convenience Translation into US$ in thousands**
|
|||||||||||
Assets
|
||||||||||||
Current assets:
|
||||||||||||
Cash and cash equivalents
|
44,509
|
36,882
|
49,946
|
|||||||||
Marketable securities
|
2,242
|
2,132
|
2,516
|
|||||||||
Short term deposits
|
6,446
|
-
|
7,233
|
|||||||||
Restricted cash
|
22,162
|
(*) 1,315
|
|
24,869
|
||||||||
Receivable from concession project
|
1,463
|
1,292
|
1,642
|
|||||||||
Financial assets
|
1,418
|
1,282
|
1,591
|
|||||||||
Trade and other receivables
|
4,882
|
12,623
|
5,478
|
|||||||||
83,122
|
55,526
|
93,275
|
||||||||||
Non-current assets
|
||||||||||||
Investment in equity accounted investee
|
33,561
|
27,746
|
37,661
|
|||||||||
Advances on account of investments
|
883
|
798
|
991
|
|||||||||
Receivable from concession project
|
27,122
|
25,710
|
30,435
|
|||||||||
Fixed assets
|
126,607
|
87,220
|
142,074
|
|||||||||
Right-of-use asset
|
15,401
|
-
|
17,282
|
|||||||||
Intangible asset
|
5,042
|
4,882
|
5,658
|
|||||||||
Restricted cash and deposits
|
10,956
|
(*) 5,400
|
|
12,294
|
||||||||
Deferred tax
|
2,285
|
2,423
|
2,564
|
|||||||||
Long term receivables
|
31
|
1,455
|
35
|
|||||||||
Derivatives
|
5,162
|
-
|
5,793
|
|||||||||
227,050
|
155,634
|
254,787
|
||||||||||
Total assets
|
310,172
|
211,160
|
348,062
|
|||||||||
Liabilities and Equity
|
||||||||||||
Current liabilities
|
||||||||||||
Current maturities of long term loans
|
4,138
|
5,864
|
4,644
|
|||||||||
Debentures
|
26,773
|
8,758
|
30,044
|
|||||||||
Trade payables
|
1,765
|
2,126
|
1,979
|
|||||||||
Other payables
|
5,010
|
3,103
|
5,622
|
|||||||||
37,686
|
19,851
|
42,289
|
||||||||||
Non-current liabilities
|
||||||||||||
Lease liability
|
15,402
|
-
|
17,284
|
|||||||||
Long-term loans
|
89,182
|
60,228
|
100,077
|
|||||||||
Debentures
|
44,811
|
42,585
|
50,285
|
|||||||||
Deferred tax
|
6,467
|
6,219
|
7,257
|
|||||||||
Other long-term liabilities
|
1,795
|
(*) 1,959
|
|
2,014
|
||||||||
Derivatives
|
7,263
|
(*) 3,361
|
|
8,150
|
||||||||
164,920
|
114,352
|
185,067
|
||||||||||
Total liabilities
|
202,606
|
134,203
|
227,356
|
|||||||||
Equity
|
||||||||||||
Share capital
|
21,998
|
19,980
|
24,685
|
|||||||||
Share premium
|
64,160
|
58,344
|
71,998
|
|||||||||
Treasury shares
|
(1,736
|
)
|
(1,736
|
)
|
(1,948
|
)
|
||||||
Transaction reserve with non-controlling Interests
|
6,106
|
-
|
6,852
|
|||||||||
Reserves
|
3,283
|
1,169
|
3,684
|
|||||||||
Retained earnings
|
12,818
|
758
|
14,384
|
|||||||||
Total equity attributed to shareholders of the Company
|
106,629
|
78,515
|
119,655
|
|||||||||
Non-Controlling Interest
|
937
|
(1,558
|
)
|
1,051
|
||||||||
Total equity
|
107,566
|
76,957
|
120,706
|
|||||||||
Total liabilities and equity
|
310,172
|
211,160
|
348,062
|
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,
|
|||||||||||||||||||||
2018
|
2019
|
2018
|
2019
|
2019
|
2019
|
|||||||||||||||||||
Unaudited
|
Audited
|
Unaudited
|
Unaudited
|
|||||||||||||||||||||
€ in thousands
|
Convenience Translation into US$*
|
|||||||||||||||||||||||
Revenues
|
4,246
|
3,553
|
18,117
|
18,988
|
3,987
|
21,308
|
||||||||||||||||||
Operating expenses
|
(1,769
|
)
|
(1,589
|
)
|
(6,342
|
)
|
(6,638
|
)
|
(1,783
|
)
|
(7,449
|
)
|
||||||||||||
Depreciation and amortization
|
(1,452
|
)
|
(1,702
|
)
|
(5,816
|
)
|
(6,416
|
)
|
(1,910
|
)
|
(7,200
|
)
|
||||||||||||
Gross profit
|
1,025
|
262
|
5,959
|
5,934
|
294
|
6,659
|
||||||||||||||||||
Project development costs
|
(256
|
)
|
(742
|
)
|
(2,878
|
)
|
(4,213
|
)
|
(833
|
)
|
(4,728
|
)
|
||||||||||||
General and administrative expenses
|
(838
|
)
|
(969
|
)
|
(3,600
|
)
|
(3,827
|
)
|
(1,087
|
)
|
(4,295
|
)
|
||||||||||||
Share of profits of equity accounted investee
|
331
|
704
|
2,545
|
3,086
|
790
|
3,463
|
||||||||||||||||||
Other income (expenses), net
|
811
|
(2,100
|
)
|
884
|
(2,100
|
)
|
(2,357
|
)
|
(2,357
|
)
|
||||||||||||||
Capital gain
|
-
|
18,770
|
-
|
18,770
|
21,063
|
21,063
|
||||||||||||||||||
Operating profit
|
1,073
|
15,925
|
2,910
|
17,650
|
17,870
|
19,805
|
||||||||||||||||||
Financing income
|
739
|
385
|
2,936
|
1,827
|
432
|
2,050
|
||||||||||||||||||
Financing income (expenses) in connection with derivatives, net
|
347
|
(98
|
)
|
494
|
897
|
(110
|
)
|
1,007
|
||||||||||||||||
Financing expenses
|
(1,342
|
)
|
(3,828
|
)
|
(5,521
|
)
|
(10,877
|
)
|
(4,296
|
)
|
(12,206
|
)
|
||||||||||||
Financing expenses, net
|
(256
|
)
|
(3,541
|
)
|
(2,091
|
)
|
(8,153
|
)
|
(3,974
|
)
|
(9,149
|
)
|
||||||||||||
Profit before taxes on income
|
817
|
12,384
|
819
|
9,497
|
13,897
|
10,656
|
||||||||||||||||||
Tax benefit (Taxes on income)
|
(95
|
)
|
1,200
|
(215
|
)
|
287
|
1,347
|
322
|
||||||||||||||||
Profit for the period
|
722
|
13,584
|
604
|
9,784
|
15,243
|
10,978
|
||||||||||||||||||
Profit (loss) attributable to:
|
||||||||||||||||||||||||
Owners of the Company
|
673
|
13,683
|
1,057
|
12,060
|
15,355
|
13,533
|
||||||||||||||||||
Non-controlling interests
|
49
|
(99
|
)
|
(453
|
)
|
(2,276
|
)
|
(111
|
)
|
(2,555
|
)
|
|||||||||||||
Profit for the period
|
722
|
13,584
|
604
|
9,784
|
15,243
|
10,978
|
||||||||||||||||||
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
|
(258
|
)
|
(7,008
|
)
|
(787
|
)
|
2,103
|
(7,864
|
)
|
2,360
|
||||||||||||||
Other comprehensive income items that will not be transferred to profit or loss:
|
||||||||||||||||||||||||
Effective portion of change in fair value of cash flow hedges
|
(476
|
)
|
(5,901
|
)
|
(1,008
|
)
|
1,076
|
(6,622
|
)
|
1,207
|
||||||||||||||
Net change in fair value of cash flow hedges transferred to profit or loss
|
348
|
356
|
643
|
(1,922
|
)
|
399
|
(2,157
|
)
|
||||||||||||||||
Total other comprehensive profit (loss)
|
(386
|
)
|
(12,553
|
)
|
(1,152
|
)
|
1,257
|
(14,087
|
)
|
1,410
|
||||||||||||||
Total comprehensive profit (loss) for the period
|
336
|
1,031
|
(548
|
)
|
11,041
|
1,157
|
12,388
|
|||||||||||||||||
Basic net profit per share
|
0.06
|
1.19
|
0.10
|
1.09
|
1.36
|
1.24
|
||||||||||||||||||
Diluted net profit per share
|
0.06
|
1.19
|
0.10
|
1.09
|
1.36
|
1.24
|
Non- controlling
|
Total
|
|||||||||||||||||||||||||||||||||||||||
Attributable to shareholders of the Company
|
Interests
|
Equity
|
||||||||||||||||||||||||||||||||||||||
Share capital
|
Share premium
|
Retained earnings
|
Treasury shares
|
Translation reserve from
foreign operations
|
Hedging Reserve
|
Interests Transaction reserve with
non-controlling Interests
|
Total
|
|||||||||||||||||||||||||||||||||
€ in thousands
|
||||||||||||||||||||||||||||||||||||||||
For the year ended
|
||||||||||||||||||||||||||||||||||||||||
December 31, 2019 (Unaudited):
|
||||||||||||||||||||||||||||||||||||||||
Balance as at
|
||||||||||||||||||||||||||||||||||||||||
January 1, 2019
|
19,980
|
58,344
|
758
|
(1,736
|
)
|
1,396
|
(227
|
)
|
-
|
78,515
|
(1,558
|
)
|
76,957
|
|||||||||||||||||||||||||||
Profit (loss)for the year
|
-
|
-
|
12,060
|
-
|
-
|
-
|
-
|
12,060
|
(2,276
|
)
|
9,784
|
|||||||||||||||||||||||||||||
Other comprehensive income for the year
|
-
|
-
|
-
|
-
|
2,960
|
(846
|
)
|
-
|
2,114
|
(857
|
)
|
1,257
|
||||||||||||||||||||||||||||
Total comprehensive income for the year
|
-
|
-
|
12,060
|
-
|
2,960
|
(846
|
)
|
-
|
14,174
|
(3,133
|
)
|
11,041
|
||||||||||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity:
|
||||||||||||||||||||||||||||||||||||||||
Sale of shares in subsidiaries to
|
||||||||||||||||||||||||||||||||||||||||
non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
5,439
|
5,439
|
5,374
|
10,813
|
||||||||||||||||||||||||||||||
Purchase of shares in subsidiaries from
|
||||||||||||||||||||||||||||||||||||||||
non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
667
|
667
|
254
|
921
|
||||||||||||||||||||||||||||||
Issuance of ordinary shares
|
2,010
|
5,797
|
-
|
-
|
-
|
-
|
-
|
7,807
|
-
|
7,807
|
||||||||||||||||||||||||||||||
Options exercise
|
8
|
11
|
-
|
-
|
-
|
-
|
-
|
19
|
-
|
19
|
||||||||||||||||||||||||||||||
Share-based payments
|
-
|
8
|
-
|
-
|
-
|
-
|
-
|
8
|
-
|
8
|
||||||||||||||||||||||||||||||
Balance as at
|
||||||||||||||||||||||||||||||||||||||||
December 31, 2019
|
21,998
|
64,160
|
12,818
|
(1,736
|
)
|
4,356
|
(1,073
|
)
|
6,106
|
106,629
|
937
|
107,566
|
||||||||||||||||||||||||||||
For the three months
|
||||||||||||||||||||||||||||||||||||||||
ended December 31, 2019 (Unaudited):
|
||||||||||||||||||||||||||||||||||||||||
Balance as at
|
||||||||||||||||||||||||||||||||||||||||
September 30, 2019
|
21,998
|
64,155
|
(865
|
)
|
(1,736
|
)
|
5,097
|
4,472
|
6,106
|
99,227
|
7,303
|
106,530
|
||||||||||||||||||||||||||||
Profit (loss) for the period
|
-
|
-
|
13,683
|
-
|
-
|
-
|
-
|
13,683
|
(99
|
)
|
13,584
|
|||||||||||||||||||||||||||||
Other comprehensive loss for the period
|
-
|
-
|
-
|
-
|
(741
|
)
|
(5,545
|
)
|
-
|
(6,286
|
)
|
(6,267
|
)
|
(12,553
|
)
|
|||||||||||||||||||||||||
Total comprehensive income for the period
|
-
|
-
|
13,683
|
-
|
(741
|
)
|
(5,545
|
)
|
-
|
7,397
|
(6,366
|
)
|
1,031
|
|||||||||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity:
|
||||||||||||||||||||||||||||||||||||||||
Share-based payments
|
-
|
5
|
-
|
-
|
-
|
-
|
-
|
5
|
-
|
5
|
||||||||||||||||||||||||||||||
Balance as at
|
||||||||||||||||||||||||||||||||||||||||
December 31, 2019
|
21,998
|
64,160
|
12,818
|
(1,736
|
)
|
4,356
|
(1,073
|
)
|
6,106
|
106,629
|
937
|
107,566
|
Non- controlling
|
Total
|
|||||||||||||||||||||||||||||||||||
Attributable to shareholders of the Company
|
Interests
|
Equity
|
||||||||||||||||||||||||||||||||||
Share capital
|
Share premium
|
Retained earnings
|
Treasury shares
|
Translation reserve from
foreign operations
|
Hedging Reserve
|
Total
|
||||||||||||||||||||||||||||||
€ in thousands
|
||||||||||||||||||||||||||||||||||||
For the year ended
|
||||||||||||||||||||||||||||||||||||
December 31, 2018 (Audited):
|
||||||||||||||||||||||||||||||||||||
Balance as at
|
||||||||||||||||||||||||||||||||||||
January 1, 2018
|
19,980
|
58,339
|
(299
|
)
|
(1,736
|
)
|
2,219
|
138
|
78,641
|
(1,141
|
)
|
77,500
|
||||||||||||||||||||||||
Profit (loss) 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
|
Attributable to shareholders of the Company
|
Non- controlling Interests
|
Total Equity
|
||||||||||||||||||||||||||||||||||||||
Share capital
|
Share premium
|
Retained earnings
|
Treasury shares
|
Translation reserve from
foreign operations
|
Hedging Reserve
|
Interests Transaction reserve with
non-controlling Interests
|
Total
|
|||||||||||||||||||||||||||||||||
Convenience translation into US$ (exchange rate as at December 31, 2019: euro 1 = US$ 1.122)
|
||||||||||||||||||||||||||||||||||||||||
For the year ended
|
||||||||||||||||||||||||||||||||||||||||
December 31, 2019 (Unaudited):
|
||||||||||||||||||||||||||||||||||||||||
Balance as at
|
||||||||||||||||||||||||||||||||||||||||
January 1, 2019
|
22,420
|
65,472
|
851
|
(1,948
|
)
|
1,567
|
(255
|
)
|
-
|
88,107
|
(1,748
|
)
|
86,359
|
|||||||||||||||||||||||||||
Profit (loss) for the year
|
-
|
-
|
13,533
|
-
|
-
|
-
|
-
|
13,533
|
(2,555
|
)
|
10,978
|
|||||||||||||||||||||||||||||
Other comprehensive income for the year
|
-
|
-
|
-
|
-
|
3,322
|
(950
|
)
|
-
|
2,372
|
(962
|
)
|
1,410
|
||||||||||||||||||||||||||||
Total comprehensive income for the year
|
-
|
-
|
13,533
|
-
|
3,322
|
(950
|
)
|
-
|
15,905
|
(3,517
|
)
|
12,388
|
||||||||||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity:
|
||||||||||||||||||||||||||||||||||||||||
Sale of shares in subsidiaries to
|
||||||||||||||||||||||||||||||||||||||||
non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
6,104
|
6,104
|
6,031
|
12,135
|
||||||||||||||||||||||||||||||
Purchase of shares in subsidiaries from
|
||||||||||||||||||||||||||||||||||||||||
non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
748
|
748
|
285
|
1,033
|
||||||||||||||||||||||||||||||
Issuance of ordinary shares
|
2,256
|
6,505
|
-
|
-
|
-
|
-
|
-
|
8,761
|
-
|
8,761
|
||||||||||||||||||||||||||||||
Options exercise
|
9
|
12
|
-
|
-
|
-
|
-
|
-
|
21
|
-
|
21
|
||||||||||||||||||||||||||||||
Share-based payments
|
-
|
9
|
-
|
-
|
-
|
-
|
-
|
9
|
-
|
9
|
||||||||||||||||||||||||||||||
Balance as at
|
||||||||||||||||||||||||||||||||||||||||
December 31, 2019
|
24,685
|
71,998
|
14,384
|
(1,948
|
)
|
4,889
|
(1,205
|
)
|
6,852
|
119,655
|
1,051
|
120,706
|
||||||||||||||||||||||||||||
For the three months
|
||||||||||||||||||||||||||||||||||||||||
ended December 31, 2019 (Unaudited):
|
||||||||||||||||||||||||||||||||||||||||
Balance as at
|
||||||||||||||||||||||||||||||||||||||||
September 30, 2019
|
24,685
|
71,992
|
(971
|
)
|
(1,948
|
)
|
5,721
|
5,017
|
6,852
|
111,348
|
8,195
|
119,543
|
||||||||||||||||||||||||||||
Profit (loss) for the period
|
-
|
-
|
15,355
|
-
|
-
|
-
|
-
|
15,355
|
(111
|
)
|
15,244
|
|||||||||||||||||||||||||||||
Other comprehensive loss for the period
|
-
|
-
|
-
|
-
|
(832
|
)
|
(6,222
|
)
|
-
|
(7,054
|
)
|
(7,033
|
)
|
(14,087
|
)
|
|||||||||||||||||||||||||
Total comprehensive income for the period
|
-
|
-
|
15,355
|
-
|
(832
|
)
|
(6,222
|
)
|
-
|
8,301
|
(7,144
|
)
|
1,157
|
|||||||||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity:
|
||||||||||||||||||||||||||||||||||||||||
Share-based payments
|
-
|
6
|
-
|
-
|
-
|
-
|
-
|
6
|
-
|
6
|
||||||||||||||||||||||||||||||
Balance as at
|
||||||||||||||||||||||||||||||||||||||||
December 31, 2019
|
24,685
|
71,998
|
14,384
|
(1,948
|
)
|
4,889
|
(1,205
|
)
|
6,852
|
119,655
|
1,051
|
120,706
|
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,
|
|||||||||||||||||||||
2018
|
2019
|
2018
|
2019
|
2019
|
2019
|
|||||||||||||||||||
Unaudited
|
Audited
|
Unaudited
|
Unaudited
|
|||||||||||||||||||||
€ in thousands
|
Convenience Translation into US$*
|
|||||||||||||||||||||||
Cash flows from operating activities
|
||||||||||||||||||||||||
Profit for the period
|
722
|
13,584
|
604
|
9,784
|
15,243
|
10,978
|
||||||||||||||||||
Adjustments for:
|
||||||||||||||||||||||||
Financing expenses, net
|
256
|
3,541
|
2,091
|
8,153
|
3,974
|
9,149
|
||||||||||||||||||
Capital gain
|
-
|
(18,770
|
)
|
-
|
(18,770
|
)
|
(21,063
|
)
|
(21,063
|
)
|
||||||||||||||
Depreciation and amortization
|
1,452
|
1,702
|
5,816
|
6,416
|
1,910
|
7,200
|
||||||||||||||||||
Share-based payment transactions
|
2
|
5
|
5
|
8
|
6
|
9
|
||||||||||||||||||
Share of profits of equity accounted investees
|
(331
|
)
|
(704
|
)
|
(2,545
|
)
|
(3,086
|
)
|
(790
|
)
|
(3,463
|
)
|
||||||||||||
Payment of interest on loan from an equity accounted investee
|
1,860
|
-
|
3,036
|
370
|
-
|
415
|
||||||||||||||||||
Change in trade receivables and other receivables
|
183
|
1,305
|
(17
|
)
|
403
|
1,464
|
452
|
|||||||||||||||||
Change in other assets
|
257
|
(480
|
)
|
37
|
(1,950
|
)
|
(539
|
)
|
(2,188
|
)
|
||||||||||||||
Change in receivables from concessions project
|
355
|
200
|
1,431
|
1,329
|
224
|
1,491
|
||||||||||||||||||
Change in accrued severance pay, net
|
-
|
1
|
15
|
9
|
1
|
10
|
||||||||||||||||||
Change in trade payables
|
342
|
47
|
633
|
461
|
53
|
517
|
||||||||||||||||||
Change in other payables
|
(1,527
|
)
|
2,646
|
(1,565
|
)
|
5,336
|
2,969
|
5,988
|
||||||||||||||||
Income tax expense (tax benefit)
|
95
|
(1,200
|
)
|
215
|
(287
|
)
|
(1,347
|
)
|
(322
|
)
|
||||||||||||||
Income taxes paid
|
(33
|
)
|
(81
|
)
|
(77
|
)
|
(100
|
)
|
(91
|
)
|
(112
|
)
|
||||||||||||
Interest received
|
429
|
438
|
1,835
|
1,719
|
492
|
1,929
|
||||||||||||||||||
Interest paid
|
(2,121
|
)
|
(2,846
|
)
|
(4,924
|
)
|
(6,083
|
)
|
(3,194
|
)
|
(6,826
|
)
|
||||||||||||
1,219
|
(14,196
|
)
|
5,986
|
(6,072
|
)
|
(15,931
|
)
|
(6,814
|
)
|
|||||||||||||||
Net cash from (used in) operating activities
|
1,941
|
(612
|
)
|
6,590
|
3,712
|
(688
|
)
|
4,164
|
||||||||||||||||
Cash flows from investing activities
|
||||||||||||||||||||||||
Acquisition of fixed assets
|
(647
|
)
|
(30,970
|
)
|
(3,708
|
)
|
(86,805
|
)
|
(34,753
|
)
|
(97,409
|
)
|
||||||||||||
Acquisition of subsidiary, net of cash acquired
|
(1,000
|
)
|
-
|
(1,000
|
)
|
(1,000
|
)
|
-
|
(1,122
|
)
|
||||||||||||||
Repayment of loan from an equity accounted investee
|
1,050
|
-
|
1,540
|
-
|
-
|
-
|
||||||||||||||||||
Proceeds from sale of investments
|
-
|
34,586
|
-
|
34,586
|
38,811
|
38,811
|
||||||||||||||||||
Proceeds from marketable securities
|
-
|
-
|
3,316
|
-
|
-
|
-
|
||||||||||||||||||
Proceed from settlement of derivatives, net
|
254
|
-
|
664
|
532
|
-
|
597
|
||||||||||||||||||
Proceed from (investment in) in restricted cash, net
|
(1,318
|
)
|
(22,140
|
)
|
(3,107
|
)
|
(26,003
|
)
|
(24,845
|
)
|
(29,180
|
)
|
||||||||||||
Investment in short term deposit
|
-
|
-
|
-
|
(6,302
|
)
|
-
|
(7,072
|
)
|
||||||||||||||||
Repayment (grant) loan to others
|
(3,500
|
)
|
-
|
(3,500
|
)
|
3,912
|
-
|
4,390
|
||||||||||||||||
Net cash from (used in) investing activities
|
(5,161
|
)
|
(18,524
|
)
|
(5,795
|
)
|
(81,080
|
)
|
(20,787
|
)
|
(90,985
|
)
|
||||||||||||
Cash flows from financing activities
|
||||||||||||||||||||||||
Repayment of long-term loans and finance lease obligations
|
(2,891
|
)
|
(1,434
|
)
|
(17,819
|
)
|
(5,844
|
)
|
(1,609
|
)
|
(6,558
|
)
|
||||||||||||
Repayment of Debentures
|
(4,668
|
)
|
(5,304
|
)
|
(4,668
|
)
|
(9,836
|
)
|
(5,952
|
)
|
(11,038
|
)
|
||||||||||||
Proceeds from options
|
-
|
-
|
-
|
19
|
-
|
21
|
||||||||||||||||||
Sale of shares in subsidiaries to non-controlling interests
|
-
|
-
|
13,936
|
-
|
15,638
|
|||||||||||||||||||
Acquisition of shares in subsidiaries from non-controlling interests
|
-
|
-
|
-
|
(2,961
|
)
|
-
|
(3,323
|
)
|
||||||||||||||||
Issuance of ordinary shares
|
-
|
-
|
-
|
7,807
|
-
|
8,761
|
||||||||||||||||||
Proceeds from long term loans
|
230
|
212
|
34,745
|
59,298
|
238
|
66,542
|
||||||||||||||||||
Proceeds from issuance of Debentures, net
|
-
|
-
|
-
|
22,317
|
-
|
25,043
|
||||||||||||||||||
Net cash from (used in) financing activities
|
(7,329
|
)
|
(6,526
|
)
|
12,258
|
84,736
|
(7,323
|
)
|
95,086
|
|||||||||||||||
Effect of exchange rate fluctuations on cash and cash equivalents
|
44
|
(637
|
)
|
(133
|
)
|
259
|
(714
|
)
|
293
|
|||||||||||||||
Increase (decrease) in cash and cash equivalents
|
(10,505
|
)
|
(26,299
|
)
|
12,920
|
7,627
|
(29,512
|
)
|
8,558
|
|||||||||||||||
Cash and cash equivalents at the beginning of the period
|
47,387
|
70,808
|
23,962
|
36,882
|
79,458
|
41,388
|
||||||||||||||||||
Cash and cash equivalents at the end of the period
|
36,882
|
44,509
|
36,882
|
44,509
|
49,946
|
49,946
|
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,
|
|||||||||||||||||||||
2018
|
2019
|
2018
|
2019
|
2019
|
2019
|
|||||||||||||||||||
Unaudited
|
||||||||||||||||||||||||
€ in thousands
|
Convenience Translation into US$*
|
|||||||||||||||||||||||
Net profit (loss) for the period
|
722
|
13,584
|
604
|
9,784
|
15,243
|
10,978
|
||||||||||||||||||
Financing expenses, net
|
256
|
3,541
|
2,091
|
8,153
|
3,974
|
9,149
|
||||||||||||||||||
Taxes on income (tax benefit)
|
95
|
(1,200
|
)
|
215
|
(287
|
)
|
(1,347
|
)
|
(322
|
)
|
||||||||||||||
Depreciation and amortization
|
1,452
|
1,702
|
5,816
|
6,416
|
1,910
|
7,200
|
||||||||||||||||||
EBITDA
|
2,525
|
17,627
|
8,726
|
24,066
|
19,780
|
27,005
|
December 31,
|
||||
2019
|
||||
Unaudited
|
||||
Pro Forma
€ in thousands
|
||||
Assets
|
||||
Current assets:
|
||||
Cash and cash equivalents
|
44,509
|
|||
Marketable securities
|
2,242
|
|||
Short term deposits
|
6,446
|
|||
Restricted cash and marketable securities
|
22,162
|
|||
Receivable from concession project
|
1,463
|
|||
Financial assets
|
1,418
|
|||
Trade and other receivables
|
4,882
|
|||
83,122
|
||||
Non-current assets
|
||||
Investment in equity accounted investee
|
33,561
|
|||
Advances on account of investments
|
883
|
|||
Receivable from concession project
|
27,122
|
|||
Fixed assets
|
126,607
|
|||
Right-of-use asset
|
-
|
|||
Intangible asset
|
5,042
|
|||
Restricted cash and deposits
|
10,956
|
|||
Deferred tax
|
2,238
|
|||
Long term receivables
|
31
|
|||
Derivatives
|
5,162
|
|||
211,602
|
||||
Total assets
|
294,724
|
|||
Liabilities and Equity
|
||||
Current liabilities
|
||||
Current maturities of long term loans
|
4,138
|
|||
Debentures
|
26,773
|
|||
Trade payables
|
1,765
|
|||
Other payables
|
4,785
|
|||
37,461
|
||||
Non-current liabilities
|
||||
Lease liability
|
-
|
|||
Long-term loans
|
89,182
|
|||
Debentures
|
44,811
|
|||
Deferred tax
|
6,477
|
|||
Other long-term liabilities
|
1,795
|
|||
Derivatives
|
7,263
|
|||
149,528
|
||||
Total liabilities
|
186,989
|
|||
Equity
|
||||
Share capital
|
21,998
|
|||
Share premium
|
64,160
|
|||
Treasury shares
|
(1,736
|
)
|
||
Transaction reserve with non-controlling Interests
|
6,106
|
|||
Reserves
|
3,283
|
|||
Retained earnings (accumulated deficit)
|
12,987
|
|||
Total equity attributed to shareholders of the Company
|
106,798
|
|||
Non-Controlling Interest
|
937
|
|||
Total equity
|
107,735
|
|||
Total liabilities and equity
|
294,724
|
For the four quarter period ended December 31, 2019
|
||||
Unaudited
|
||||
€ in thousands
|
||||
Net profit for the period
|
9,784
|
|||
Financing expenses, net
|
8,153
|
|||
Taxes on income
|
(287
|
)
|
||
Depreciation and amortization
|
6,416
|
|||
Adjustment to revenues of the Talmei Yosef project due to calculation based on the fixed asset model
|
2,981
|
|||
Share-based payments
|
8
|
|||
Adjusted EBITDA as defined in the Series C Deed of Trust
|
27,055
|
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