Ellomay Capital Ltd. and its Subsidiaries Unaudited Condensed Consolidated Interim Financial Statements As at June 30, 2023 |
Page | |
F-3 | |
F-4 | |
F-5-F-8 | |
F-9 | |
F-10 |
June 30,
|
December 31,
|
June 30,
|
||||||||||||||
2023
|
2022
|
2023
|
||||||||||||||
Convenience Translation
|
||||||||||||||||
Note
|
€ in thousands
|
into US$ in thousands*
|
||||||||||||||
Assets
|
||||||||||||||||
Current assets
|
||||||||||||||||
Cash and cash equivalents
|
|
|
|
|||||||||||||
Marketable securities
|
4
|
|
|
|
||||||||||||
Short term deposits
|
4
|
|
|
|
||||||||||||
Restricted cash
|
4
|
|
|
|
||||||||||||
Receivable from concession project
|
|
|
|
|||||||||||||
Intangible asset from green certificates
|
|
|
|
|||||||||||||
Trade and other receivables
|
5
|
|
|
|
||||||||||||
|
|
|
||||||||||||||
Non-current assets
|
||||||||||||||||
Investment in equity accounted investee
|
6
|
|
|
|
||||||||||||
Advances on account of investments
|
|
|
|
|||||||||||||
Receivable from concession project
|
|
|
|
|||||||||||||
Fixed assets
|
8
|
|
|
|
||||||||||||
Right-of-use asset
|
10 |
|
|
|
||||||||||||
Intangible asset
|
|
|
|
|||||||||||||
Restricted cash and deposits
|
4
|
|
|
|
||||||||||||
Deferred tax
|
|
|
|
|||||||||||||
Long term receivables
|
5
|
|
|
|
||||||||||||
Derivatives
|
7
|
|
|
|
||||||||||||
|
|
|
||||||||||||||
Total assets
|
|
|
|
|||||||||||||
Liabilities and Equity
|
||||||||||||||||
Current liabilities
|
||||||||||||||||
Current maturities of long-term bank loans
|
|
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|
|||||||||||||
Current maturities of other long-term loans
|
|
|
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|||||||||||||
Current maturities of debentures
|
|
|
|
|||||||||||||
Trade payables
|
|
|
|
|||||||||||||
Other payables
|
|
|
|
|||||||||||||
Current maturities of derivatives
|
7 |
|
|
|
||||||||||||
Current maturities of lease liabilities
|
|
|
|
|||||||||||||
|
|
|
||||||||||||||
Non-current liabilities
|
||||||||||||||||
Long-term lease liabilities
|
10 |
|
|
|
||||||||||||
Long-term bank loans
|
|
|
|
|||||||||||||
Other long-term loans
|
|
|
|
|||||||||||||
Debentures
|
|
|
|
|||||||||||||
Deferred tax
|
|
|
|
|||||||||||||
Other long-term liabilities
|
|
|
|
|||||||||||||
Derivatives
|
7
|
|
|
|
||||||||||||
|
|
|
||||||||||||||
Total liabilities
|
|
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|
|||||||||||||
Equity
|
||||||||||||||||
Share capital
|
|
|
|
|||||||||||||
Share premium
|
|
|
|
|||||||||||||
Treasury shares
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||
Transaction reserve with non-controlling Interests
|
|
|
|
|||||||||||||
Reserves
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||
Accumulated deficit
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||
Total equity attributed to shareholders of the Company
|
|
|
|
|||||||||||||
Non-Controlling Interest
|
|
(
|
)
|
|
||||||||||||
Total equity
|
|
|
|
|||||||||||||
Total liabilities and equity
|
|
|
|
Ellomay Capital Ltd. and its Subsidiaries
For the six
months ended
June 30,
|
For the year
ended December
|
For the six
months ended
|
||||||||||||||
2023
|
2022
|
31, 2022
|
June 30, 2023
|
|||||||||||||
Convenience
|
||||||||||||||||
Translation
|
||||||||||||||||
€ in thousands (except per share amounts)
|
into US$**
|
|||||||||||||||
Revenues
|
|
|
|
|
||||||||||||
Operating expenses
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Depreciation and amortization expenses
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Gross profit
|
|
|
|
|
||||||||||||
Project development costs
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
General and administrative expenses
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Share of profits (losses) of equity accounted investee
|
|
(
|
)
|
|
|
|||||||||||
Operating profit
|
|
|
|
|
||||||||||||
Financing income
|
|
|
|
|
||||||||||||
Financing income (expenses) in connection with derivatives and warrants, net
|
(
|
)
|
|
|
(
|
)
|
||||||||||
Financing expenses
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Financing income (expenses), net
|
|
(
|
)
|
(
|
)
|
|
||||||||||
Profit before taxes on income
|
|
|
|
|
||||||||||||
Tax benefit (Taxes on income)
|
|
(
|
)
|
(
|
)
|
|
||||||||||
Profit (loss) for the period
|
|
(
|
)
|
|
|
|||||||||||
Profit (loss) attributable to:
|
||||||||||||||||
Owners of the Company
|
|
(
|
)
|
(
|
)
|
|
||||||||||
Non-controlling interests
|
(
|
)
|
|
|
(
|
)
|
||||||||||
Profit (loss) for the period
|
|
(
|
)
|
|
|
|||||||||||
Other comprehensive 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
|
(
|
)
|
*(
|
)
|
*(
|
)
|
(
|
)
|
||||||||
Effective portion of change in fair value of cash flow hedges
|
|
*(
|
)
|
*
|
|
|
||||||||||
Net change in fair value of cash flow hedges transferred to profit or loss
|
( |
) |
*(
|
) |
*(
|
) |
( |
) |
||||||||
Total other comprehensive income (loss)
|
|
(
|
)
|
(
|
)
|
|
||||||||||
Total other comprehensive income (loss) attributable to:
|
||||||||||||||||
Owners of the Company
|
|
(
|
)
|
(
|
)
|
|
||||||||||
Non-controlling interests
|
|
(
|
)
|
(
|
)
|
|
||||||||||
Total other comprehensive income (loss)
|
|
(
|
)
|
(
|
)
|
|
||||||||||
Total comprehensive income (loss) for the period
|
|
(
|
)
|
(
|
)
|
|
||||||||||
Total comprehensive income (loss) for the period attributable to:
|
||||||||||||||||
Owners of the Company
|
|
(
|
)
|
(
|
)
|
|
||||||||||
Non-controlling interests
|
|
(
|
)
|
(
|
)
|
|
||||||||||
Total comprehensive income (loss) for the period
|
|
(
|
)
|
(
|
)
|
|
||||||||||
Basic net earning (loss) per share
|
|
(
|
)
|
(
|
)
|
|
||||||||||
Diluted net earning (loss) per share
|
|
(
|
)
|
(
|
)
|
|
Ellomay Capital Ltd. and its Subsidiaries
Unaudited Condensed Consolidated Interim Statements of Changes in Equity
Non- controlling
|
Total
|
|||||||||||||||||||||||||||||||||||||||
Attributable to shareholders of the Company
|
Interests
|
Equity
|
||||||||||||||||||||||||||||||||||||||
Share capital
|
Share premium
|
Accumulated deficit
|
Treasury shares
|
Translation reserve from
foreign operations
|
Hedging Reserve
|
Interests Transaction reserve with
non-controlling Interests
|
Total
|
|||||||||||||||||||||||||||||||||
€ in thousands
|
||||||||||||||||||||||||||||||||||||||||
For the six months ended June 30, 2023:
|
||||||||||||||||||||||||||||||||||||||||
Balance as at January 1, 2023
|
|
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|
|
(
|
)
|
|
||||||||||||||||||||||||||
Profit (loss) for the period
|
|
|
|
|
|
|
|
|
( |
) |
|
|||||||||||||||||||||||||||||
Other comprehensive income (loss) for the period
|
|
|
|
|
(
|
)
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Total comprehensive income (loss) for the period
|
|
|
|
|
(
|
)
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity:
|
||||||||||||||||||||||||||||||||||||||||
Share-based payments
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
Balance as at June 30, 2023
|
|
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|
|
|
|
Ellomay Capital Ltd. and its Subsidiaries
Non- controlling
|
Total
|
|||||||||||||||||||||||||||||||||||||||
Attributable to shareholders of the Company
|
Interests
|
Equity
|
||||||||||||||||||||||||||||||||||||||
Share capital
|
Share premium
|
Accumulated deficit
|
Treasury shares
|
Translation reserve from
foreign operations
|
Hedging Reserve
|
Interests Transaction reserve with
non-controlling Interests
|
Total
|
|||||||||||||||||||||||||||||||||
€ in thousands
|
||||||||||||||||||||||||||||||||||||||||
For the six months ended June 30, 2022:
|
||||||||||||||||||||||||||||||||||||||||
Balance as at January 1, 2022
|
|
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|
|
(
|
)
|
|
||||||||||||||||||||||||||
Profit (loss) for the period
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||||||||||||||||
Other comprehensive loss for the period
|
|
|
|
|
(
|
)
|
(
|
)
|
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||||||||||||||||||
Total comprehensive loss for the period
|
|
|
(
|
)
|
|
(
|
)
|
(
|
)
|
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity:
|
||||||||||||||||||||||||||||||||||||||||
Issuance of Capital note to non-controlling interest
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
Share-based payments
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
Balance as at June 30, 2022
|
|
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|
|
(
|
)
|
|
Ellomay Capital Ltd. and its Subsidiaries
Non- controlling
|
Total
|
|||||||||||||||||||||||||||||||||||||||
Attributable to shareholders of the Company
|
Interests
|
Equity
|
||||||||||||||||||||||||||||||||||||||
Share capital
|
Share premium
|
Accumulated deficit
|
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, 2022: |
||||||||||||||||||||||||||||||||||||||||
Balance as at January 1, 2022
|
|
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|
|
(
|
)
|
|
||||||||||||||||||||||||||
Profit (loss) for the year
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
||||||||||||||||||||||||||||
Other comprehensive loss for the year
|
|
|
|
|
(
|
)
|
(
|
)
|
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||||||||||||||||||
Total comprehensive loss for the year
|
|
|
(
|
)
|
|
(
|
)
|
(
|
)
|
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity:
|
||||||||||||||||||||||||||||||||||||||||
Issuance of Capital note to non-controlling interest |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
Options exercise |
|
|
|
|||||||||||||||||||||||||||||||||||||
Share-based payments
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
Balance as at December 31, 2022
|
|
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|
|
(
|
)
|
|
The accompanying notes are an integral part of the condensed consolidated interim financial statements.
Ellomay Capital Ltd. and its Subsidiaries
Non- controlling
|
Total
|
|||||||||||||||||||||||||||||||||||||||
Attributable to shareholders of the Company
|
Interests
|
Equity
|
||||||||||||||||||||||||||||||||||||||
Share capital
|
Share premium
|
Accumulated deficit
|
Treasury shares
|
Translation reserve from
foreign operations
|
Hedging Reserve
|
Interests Transaction reserve with
non-controlling Interests
|
Total
|
|||||||||||||||||||||||||||||||||
Convenience translation into US$*
|
||||||||||||||||||||||||||||||||||||||||
For the six months ended June 30, 2023:
|
||||||||||||||||||||||||||||||||||||||||
Balance as at January 1, 2023
|
|
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|
|
(
|
)
|
|
||||||||||||||||||||||||||
Profit (loss) for the period
|
|
|
|
|
|
|
|
|
|
|
(
|
) |
|
|
||||||||||||||||||||||||||
Other comprehensive income (loss) for the period
|
|
|
|
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Total comprehensive income (loss) for the period
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity:
|
||||||||||||||||||||||||||||||||||||||||
Share-based payments |
||||||||||||||||||||||||||||||||||||||||
Balance as at June 30, 2023
|
|
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|
|
|
|
|
The accompanying notes are an integral part of the condensed consolidated interim financial statements.
Ellomay Capital Ltd. and its Subsidiaries
For the six months ended
June 30,
|
For the year |
For the six
months ended
|
||||||||||||||
2023
|
2022
|
31, 2022
|
June 30, 2023
|
|||||||||||||
Convenience
|
||||||||||||||||
Translation
|
||||||||||||||||
€ in thousands
|
into US$*
|
|||||||||||||||
Cash flows from operating activities
|
||||||||||||||||
Profit (loss) for the period
|
|
|
(
|
)
|
|
|
|
|
||||||||
Adjustments for:
|
||||||||||||||||
Financing income (expenses), net
|
(
|
) |
|
|
(
|
) | ||||||||||
Depreciation and amortization
|
|
|
|
|
||||||||||||
Share-based payment transactions
|
|
|
|
|
||||||||||||
Share of losses (profits) of equity accounted investees
|
(
|
) |
|
(
|
)
|
(
|
) | |||||||||
Change in trade receivables and other receivables
|
|
|
(
|
)
|
|
|
|
|
||||||||
Change in other assets
|
(
|
) |
|
|
(
|
)
|
(
|
) | ||||||||
Change in receivables from concessions project
|
|
|
(
|
) |
(
|
) |
|
|
||||||||
Change in trade payables
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|||||||||
Change in other payables
|
|
|
|
|
||||||||||||
Income tax expense (tax benefit)
|
(
|
) |
|
|
|
(
|
) | |||||||||
Income taxes paid
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Interest received
|
|
|
|
|
||||||||||||
Interest paid
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Net cash provided by operating activities
|
|
|
|
|
||||||||||||
Cash flows from investing activities
|
||||||||||||||||
Acquisition of fixed assets
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Repayment of loan by an equity accounted investee
|
|
|
|
|
||||||||||||
Loan to an equity accounted investee
|
(
|
) |
|
|
(
|
)
|
(
|
) | ||||||||
Advances on account of investments
|
(
|
) |
|
|
(
|
) |
(
|
) | ||||||||
Settlement of derivatives contract
|
|
|
(
|
)
|
(
|
)
|
|
|
||||||||
Proceeds from (investment in) in restricted cash, net
|
|
|
(
|
)
|
(
|
)
|
|
|
||||||||
Proceeds from (investment in) short term deposit
|
(
|
) |
|
|
|
(
|
) | |||||||||
Proceeds from (investment in) marketable securities
|
|
|
(
|
)
|
|
|||||||||||
Net cash used in investing activities
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Cash flows from financing activities
|
||||||||||||||||
Proceeds from options
|
|
|
|
|
||||||||||||
Cost associated with long term loans
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Payment of principal of lease liabilities
|
(
|
)
|
(
|
) |
(
|
)
|
(
|
)
|
||||||||
Proceeds from long term loans
|
|
|
|
|
||||||||||||
Repayment of long-term loans
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Repayment of Debentures
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Repayment of SWAP instrument associated with long term loans
|
|
|
(
|
) |
(
|
) |
|
|
||||||||
Proceed from settlement of derivatives, net
|
|
|
|
|
||||||||||||
Proceeds from issuance of Debentures, net
|
|
|
|
|
||||||||||||
Net cash provided by financing activities
|
|
|
|
|
||||||||||||
Effect of exchange rate fluctuations on cash and cash equivalents
|
(
|
)
|
(
|
) |
(
|
) |
(
|
)
|
||||||||
Increase in cash and cash equivalents
|
|
|
|
|
|
|||||||||||
Cash and cash equivalents at the beginning of the period
|
|
|
|
|
||||||||||||
Cash and cash equivalents at the end of the period
|
|
|
|
|
The accompanying notes are an integral part of the condensed consolidated interim financial statements.
Ellomay Capital Ltd. and its Subsidiaries
i. |
a fixed pledge first degree on shares of Ellomay Luzon Energy Ltd. (“Ellomay Luzon Energy”) held by Ellomay Clean Energy Limited Partnership (“Ellomay Energy LP”), a limited partnership directly and indirectly wholly-owned by the Company, representing a
|
ii. |
a floating first degree pledge and an assignment by way of a pledge of, and with respect to, Ellomay Energy LP’s rights and agreements in connection with shareholder’s loans provided by Ellomay Energy LP to Ellomay Luzon Energy; and
|
iii. |
a fixed first degree pledge on the Company’s rights and the rights of Ellomay Energy LP in and to a trust bank account in the name of the trustee of the Series E Secured Debentures.
|
Notes to the Unaudited Condensed Consolidated Interim Financial Statements
Note 1 - General (cont’d)
a. |
The Company’s Adjusted Balance Sheet Equity (as such term is defined in the Series E Deed of Trust, which, among other exclusions, excludes changes in the fair value of hedging transactions of electricity prices, such as the
|
b. |
The ratio of (a) the short-term and long-term debt from banks, in addition to the debt to holders of debentures issued by the Company and any other interest-bearing financial obligations provided by entities who are in the business of lending money (excluding financing of projects and other exclusions as set forth in the Series E Deed of Trust), net of cash and cash equivalents, short-term investments, deposits, financial funds and negotiable securities, to the extent that these are not restricted (with the exception of a restriction for the purpose of securing any financial debt according to this definition) (hereinafter, together – the “Series E Net Financial Debt”), to (b) the Company’s
|
c. |
The ratio of (a) the Company’s Series E Net Financial Debt, to (b) the Company’s earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef project, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date occurred in the four quarters that preceded the test date will be calculated based on Annual Gross Up (as such terms are defined in the Series E Deed of Trust), based on the aggregate four preceding quarters (hereinafter – the “Series E Adjusted EBITDA”), to which the Company refer to herein as the Series E Ratio of Net Financial Debt to Series E Adjusted EBITDA, shall not be higher than 12 for three consecutive quarters for purposes of the immediate repayment provision and shall not be higher than 11 for purposes of the update of the annual interest provision.
|
Notes to the Unaudited Condensed Consolidated Interim Financial Statements
Notes to the Unaudited Condensed Consolidated Interim Financial Statements
June 30,
|
December 31,
|
|||||||
2023
|
2022
|
|||||||
€ in thousands
|
||||||||
Marketable securities (1)
|
|
|
||||||
Short-term restricted cash
|
|
|
||||||
Short-term deposits
|
|
|
||||||
Restricted cash and bank deposits, long-term (2)
|
|
|
1. |
During 2022, the Company invested in a traded Corporate Bond with a coupon rate of
|
2. |
Deposits used to secure obligations towards the Israeli Electricity Authority for the license for the pumped-storage project in the Manara Cliff in Israel and to secure obligations under loan agreements.
|
Notes to the Unaudited Condensed Consolidated Interim Financial Statements
June 30,
|
December 31,
|
|||||||
2023
|
2022
|
|||||||
€ in thousands
|
||||||||
Current Assets:
|
||||||||
Trade and other receivables:
|
||||||||
Government authorities
|
|
|
||||||
Income receivable
|
|
|
||||||
Interest receivable
|
|
|
||||||
Advance tax payment
|
|
|
||||||
Trade receivable
|
|
|
||||||
Inventory
|
|
|
||||||
Derivatives (Note 7)
|
|
|
||||||
Prepaid expenses and other
|
|
|
||||||
Short term loan given to an equity accounted investee
|
|
|
||||||
|
|
|||||||
Non-current Assets:
|
||||||||
Long term receivables
|
||||||||
Prepaid expenses associated with long term loans
|
|
|
||||||
Annual rent deposits
|
|
|
||||||
Loans to others
|
|
|
||||||
Other
|
|
|
||||||
|
|
Notes to the Unaudited Condensed Consolidated Interim Financial Statements
In connection with the description of the petition to approve a derivative claim filed by Edelcom Ltd., one of the shareholders of Dorad (“Edelcom”), included in Note 6.A to the annual financial statements, in connection with an alleged breach of the entrepreneurship agreement, the arbitration award issued on June 28, 2023 provided, inter alia, that the entrepreneurship agreement was not breached and therefore there is no basis for approving a derivative claim.
Notes to the Unaudited Condensed Consolidated Interim Financial Statements
Note 6 - Investee Companies and Other Investments (cont’d)
Information about investee companies and other investments (cont’d)
Notes to the Unaudited Condensed Consolidated Interim Financial Statements
Notes to the Unaudited Condensed Consolidated Interim Financial Statements
June 30,
|
December 31,
|
|||||||
2023
|
2022
|
|||||||
€ in thousands
|
||||||||
Derivatives presented under current assets
|
||||||||
Swap contracts |
|
|
||||||
Derivatives presented under non-current assets
|
||||||||
Swap contracts |
|
|
||||||
Derivatives presented under current liabilities
|
||||||||
Financial power swap
|
(
|
)
|
(
|
) |
||||
Derivatives presented under non-current liabilities
|
||||||||
Financial power swap |
(
|
) |
(
|
)
|
(2) Financial instruments measured at fair value for disclosure purposes only
June 30, 2023
|
|||||||||||||||||||
Fair value
|
|||||||||||||||||||
Carrying
|
Valuation techniques for
|
Inputs used to
|
|||||||||||||||||
amount
|
Level 1
|
Level 2
|
Level 3
|
determining fair value
|
determine fair value
|
||||||||||||||
€ in thousands
|
|||||||||||||||||||
Non-current liabilities:
|
|||||||||||||||||||
Debentures
|
|
|
|
|
|||||||||||||||
Loans from banks and others
(including current maturities) |
|
|
|
|
|
|
|||||||||||||
|
|
|
|
Notes to the Unaudited Condensed Consolidated Interim Financial Statements
Note 7 - Financial Instruments (cont’d)
December 31, 2022
|
|||||||||||||||||||
Fair value
|
|||||||||||||||||||
Carrying
|
Valuation techniques for
|
Inputs used to
|
|||||||||||||||||
amount
|
Level 1
|
Level 2
|
Level 3
|
determining fair value
|
determine fair value
|
||||||||||||||
€ in thousands
|
|||||||||||||||||||
Non-current liabilities:
|
|||||||||||||||||||
Debentures
|
|
|
|
|
|||||||||||||||
Loans from banks and others
(including current maturities) |
|
|
|
|
|
|
|||||||||||||
|
|
|
|
● |
Level 1: quoted prices (unadjusted) in active markets for identical instruments.
|
● |
Level 2: inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly.
|
● |
Level 3: inputs that are not based on observable market data (unobservable inputs).
|
June 30, 2023 |
|||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
Valuation techniques for
|
|||||||||||||
€ in thousands
|
determining fair value
|
||||||||||||||||
Swap contracts
|
|
|
|
|
|
|
|
||||||||||
Financial power swap
|
|
|
(
|
) |
(
|
) |
|
Notes to the Unaudited Condensed Consolidated Interim Financial Statements
December 31, 2022 |
|||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
Valuation techniques for
|
|||||||||||||
€ in thousands
|
determining fair value
|
||||||||||||||||
Marketable securities
|
|
|
|
|
|
||||||||||||
Swap contracts
|
|
|
|
|
|
|
|
||||||||||
Financial power swap
|
|
|
(
|
) |
(
|
) |
|
Financial assets
|
||||
Financial power swap
|
||||
€ in thousands
|
||||
Balance as at December 31, 2022
|
(
|
)
|
||
Total gains (losses) recognized:
|
||||
In profit or loss
|
||||
Unrealized under financing income and expenses
|
||||
Realized under financing income and expenses
|
||||
In other comprehensive income
|
|
|||
Balance as at June 30, 2023
|
(
|
)
|
Notes to the Unaudited Condensed Consolidated Interim Financial Statements
Office
|
||||||||||||||||||||
Photovoltaic
|
Pumped
|
Biogas
|
furniture and
|
|||||||||||||||||
plants
|
storage
|
installations
|
equipment
|
Total
|
||||||||||||||||
€ in thousands
|
||||||||||||||||||||
Cost
|
||||||||||||||||||||
Balance as at January 1, 2023
|
|
|
|
|
|
|||||||||||||||
Additions
|
|
|
|
|
|
|||||||||||||||
Effect of changes in exchange rates
|
|
(
|
)
|
|
(
|
)
|
(
|
)
|
||||||||||||
Balance as at June 30, 2023
|
|
|
|
|
|
|||||||||||||||
Balance as at January 1, 2022
|
|
|
|
|
|
|||||||||||||||
Additions
|
|
|
|
|
|
|||||||||||||||
Effect of changes in exchange rates
|
(
|
) |
(
|
) |
|
|
(
|
) | ||||||||||||
Balance as at December 31, 2022
|
|
|
|
|
|
|||||||||||||||
Depreciation
|
||||||||||||||||||||
Balance as at January 1, 2023
|
|
|
|
|
|
|||||||||||||||
Depreciation for the period
|
|
|
|
|
|
|||||||||||||||
Effect of changes in exchange rates
|
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||
Balance as at June 30, 2023
|
|
|
|
|
|
|||||||||||||||
Balance as at January 1, 2022
|
|
|
|
|
|
|||||||||||||||
Depreciation for the year
|
|
|
|
|
|
|||||||||||||||
Effect of changes in exchange rates
|
|
|
|
(
|
) |
(
|
) | |||||||||||||
Balance as at December 31, 2022
|
|
|
|
|
|
|||||||||||||||
Carrying amounts
|
||||||||||||||||||||
As at June 30, 2023
|
|
|
|
|
|
|||||||||||||||
As at December 31, 2022
|
|
|
|
|
|
Notes to the Unaudited Condensed Consolidated Interim Financial Statements
PV
|
Total
|
|||||||||||||||||||||||||||||||||||||||||||||||
Ellomay
|
Bio
|
reportable
|
Total
|
|||||||||||||||||||||||||||||||||||||||||||||
Italy
|
Spain
|
Solar
|
Talasol
|
USA |
Israel1
|
Gas
|
Dorad
|
Manara
|
segments
|
Reconciliations
|
consolidated
|
|||||||||||||||||||||||||||||||||||||
For the six months ended June 30, 2023
|
||||||||||||||||||||||||||||||||||||||||||||||||
€ in thousands
|
||||||||||||||||||||||||||||||||||||||||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
||||||||||||||||||||||||||||||||||||
Operating expenses
|
|
(
|
)
|
(
|
) |
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||||||||||||||||||
Depreciation expenses
|
(
|
) |
(
|
)
|
(
|
) |
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
||||||||||||||||||||||||||||
Gross profit
|
(
|
) |
|
|
|
|
|
|
|
|
|
(
|
)
|
|
||||||||||||||||||||||||||||||||||
Adjusted gross profit |
( |
) |
|
|
|
|
|
1 |
|
|
|
( |
) |
|
||||||||||||||||||||||||||||||||||
Project development costs
|
(
|
)
|
||||||||||||||||||||||||||||||||||||||||||||||
General and administrative expenses
|
(
|
)
|
||||||||||||||||||||||||||||||||||||||||||||||
Share of profits of equity accounted investee
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||
Operating profit
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
Financing income
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
Financing expenses in connection with derivatives and warrants, net
|
(
|
)
|
||||||||||||||||||||||||||||||||||||||||||||||
Financing expenses
|
(
|
)
|
||||||||||||||||||||||||||||||||||||||||||||||
Income before taxes on Income
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||
Segment assets as at June 30, 2023
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
Notes to the Unaudited Condensed Consolidated Interim Financial Statements
Note 9 - Operating Segments (cont’d)
PV
|
Total
|
|||||||||||||||||||||||||||||||||||||||||||
Ellomay
|
Bio
|
reportable
|
Total
|
|||||||||||||||||||||||||||||||||||||||||
Italy
|
Spain
|
Solar
|
Talasol
|
Israel2
|
Gas
|
Dorad
|
Manara
|
segments
|
Reconciliations
|
consolidated
|
||||||||||||||||||||||||||||||||||
For the six months ended June 30, 2022
|
||||||||||||||||||||||||||||||||||||||||||||
€ in thousands
|
||||||||||||||||||||||||||||||||||||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
||||||||||||||||||||||||||||||||
Operating expenses
|
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||||||||||||||
Depreciation expenses
|
|
(
|
)
|
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
||||||||||||||||||||||||||
Gross profit (loss)
|
|
|
|
|
|
(
|
)
|
|
|
|
(
|
)
|
|
|||||||||||||||||||||||||||||||
Adjusted gross profit (loss) |
|
( |
) | ( |
) | |||||||||||||||||||||||||||||||||||||||
Project development costs
|
(
|
)
|
||||||||||||||||||||||||||||||||||||||||||
General and administrative expenses
|
(
|
)
|
||||||||||||||||||||||||||||||||||||||||||
Share of profits of equity
|
||||||||||||||||||||||||||||||||||||||||||||
accounted investee
|
(
|
)
|
||||||||||||||||||||||||||||||||||||||||||
Operating profit
|
|
|||||||||||||||||||||||||||||||||||||||||||
Financing income
|
|
|||||||||||||||||||||||||||||||||||||||||||
Financing expenses in connection
|
||||||||||||||||||||||||||||||||||||||||||||
with derivatives and warrants, net
|
|
|||||||||||||||||||||||||||||||||||||||||||
Financing expenses
|
(
|
)
|
||||||||||||||||||||||||||||||||||||||||||
Income before taxes on Income
|
|
|||||||||||||||||||||||||||||||||||||||||||
Segment assets as at
|
||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
* Segment presentation for prior periods was adjusted to reflect revenues and operating expenses for the Talmei Yosef PV Plant under IFRIC 12 and not under the fixed asset model and to include the adjusted gross profit of such segment, to align the presentation with the presentation of the segments for the period ended June 30, 2023.
Notes to the Unaudited Condensed Consolidated Interim Financial Statements
PV
|
Total
|
|||||||||||||||||||||||||||||||||||||||||||
Ellomay
|
Bio
|
reportable
|
Total
|
|||||||||||||||||||||||||||||||||||||||||
Italy
|
Spain
|
Solar
|
Talasol
|
Israel3
|
Gas
|
Dorad
|
Manara
|
segments
|
Reconciliations
|
consolidated
|
||||||||||||||||||||||||||||||||||
For the year ended December 31, 2022
|
||||||||||||||||||||||||||||||||||||||||||||
€ in thousands
|
||||||||||||||||||||||||||||||||||||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
||||||||||||||||||||||||||||||||
Operating expenses
|
|
(
|
)
|
( |
) |
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||||||||||||||
Depreciation expenses
|
|
(
|
)
|
( |
) |
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||||||||||||||
Gross profit (loss)
|
|
|
|
|
|
(
|
)
|
|
|
|
(
|
)
|
|
|||||||||||||||||||||||||||||||
Adjusted gross profit (loss) |
|
|
|
|
( |
) |
|
|
( |
) |
|
|||||||||||||||||||||||||||||||||
Project development costs
|
(
|
)
|
||||||||||||||||||||||||||||||||||||||||||
General and administrative expenses
|
(
|
)
|
||||||||||||||||||||||||||||||||||||||||||
Share of loss of equity accounted investee
|
|
|||||||||||||||||||||||||||||||||||||||||||
Operating profit
|
|
|||||||||||||||||||||||||||||||||||||||||||
Financing income
|
|
|||||||||||||||||||||||||||||||||||||||||||
Financing expenses in connection with derivatives and warrants, net
|
|
|
||||||||||||||||||||||||||||||||||||||||||
Financing expenses, net
|
(
|
)
|
||||||||||||||||||||||||||||||||||||||||||
Loss before taxes on income
|
|
|
||||||||||||||||||||||||||||||||||||||||||
Segment assets as at December 31, 2022 |
|
|
|
|
|
|
|
|
|
(
|
)
|
|
Notes to the Unaudited Condensed Consolidated Interim Financial Statements
1. | Material lease agreements entered into during the period |
2. | Right-of-use assets |
Gelderland
|
Italy
|
Spain
|
Talasol
|
Talmei
Yosef
|
Pumped storage
|
Total
|
||||||||||||||||||||||
€ in thousands
|
||||||||||||||||||||||||||||
Cost
|
||||||||||||||||||||||||||||
Balance as at January 1, 2023
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Additions
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Depreciation for the period
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||||||
Other
|
|
(
|
)
|
|
|
|
|
(
|
) | |||||||||||||||||||
Effect of changes in exchange rates
|
|
|
|
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||||||||||
Balance as at June 30, 2023
|
|
|
|
|
|
|
|
3. | Lease liability |
June 30, 2023
|
||||
€ in thousands
|
||||
Less than one year
|
|
|||
One to five years
|
|
|||
More than five years
|
|
|||
Total
|
|
|||
Current maturities of lease liability
|
|
|||
Long-term lease liability
|
|
F - 25