TEL AVIV, Israel, Sept. 25, 2018 /PRNewswire/ -- Ellomay Capital Ltd. (NYSE American: ELLO) (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 six months ended June 30, 2018.
Financial Highlights
Ran Fridrich, CEO and a board member of Ellomay commented: "The results for the first half of 2018 meet our expectations and reflect a strong cash flow from operating activities and an increase in revenues. We expect that the commencement of operations of the projects that are currently in the development stage ? Talasol in Spain and the pumped storage project in the Manara Cliff, as well as other projects ? will in the future bring about substantial increase in the Ellomay's revenues and profit."
Information for the Company's Series A and Series B Debenture Holders
As of June 30, 2018, the Company's Net Financial Debt (as such term is defined in the Deeds of Trust of the Company's Debentures) was approximately ?17.1 million (consisting of approximately ?73.4 million of short-term and long-term debt from banks and other interest bearing financial obligations and approximately ?56.4 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 ?47.8 million of cash and cash equivalents and marketable securities and net of approximately ?64.9 million of projectfinance 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:
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 the Company's facilities (such as waste and natural gas), changes in demand and technical and other disruptions in the operations or construction of the power plants owned by the Company. These and other risks and uncertainties associated with the Company's business are described in greater detail in the filings the Company makes from time to time with Securities and Exchange Commission, including its Annual Report on Form 20-F. The forward-looking statements are made as of this date and the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Ellomay Capital Ltd. and its Subsidiaries | ||||
Condensed Consolidated Statements of Financial Position | ||||
December 31, | June 30, | June 30, | ||
2017 | 2018 | 2018 | ||
Audited | Unaudited | Unaudited | ||
Note | ? in thousands | Convenience Translation | ||
Assets | ||||
Current assets | ||||
Cash and cash equivalents | 23,962 | 45,610 | 53,171 | |
Marketable securities | 2,162 | 2,238 | 2,609 | |
Restricted cash and marketable securities | 3,265 | 3,346 | 3,901 | |
Receivable from concession project | 1,286 | 1,263 | 1,472 | |
Financial assets | 1,249 | 1,293 | 1,507 | |
Trade and other receivables | 5 | 10,645 | 10,653 | 12,419 |
42,569 | 64,403 | 75,079 | ||
Non-current assets | ||||
Investment in equity accounted investee | 6 | 27,655 | 26,780 | 31,220 |
Advances on account of investments | 6 | 8,825 | 8,805 | 10,265 |
Receivable from concession project | 27,725 | 26,685 | 31,109 | |
Fixed assets | 78,837 | 79,374 | 92,533 | |
Intangible asset | 5,505 | 5,077 | 5,919 | |
Restricted cash and deposits | 3,660 | 2,005 | 2,337 | |
Deferred tax | 1,777 | 2,314 | 2,698 | |
Long term receivables | 5 | 1,535 | 1,305 | 1,521 |
155,519 | 152,345 | 177,602 | ||
Total assets | 198,088 | 216,748 | 252,681 | |
Liabilities and Equity | ||||
Current liabilities | ||||
Current maturities of long term loans | 3,103 | 5,196 | 6,057 | |
Debentures | 4,644 | 4,541 | 5,294 | |
Trade payables | 1,349 | 1,677 | 1,955 | |
Other payables | 2,187 | 2,964 | 3,455 | |
11,283 | 14,378 | 16,761 | ||
Non-current liabilities | ||||
Finance lease obligations | 3,690 | - | - | |
Long-term loans | 42,091 | 63,676 | 74,232 | |
Debentures | 52,987 | 51,814 | 60,404 | |
Deferred tax | 5,982 | 6,022 | 7,020 | |
Other long-term liabilities | 4,555 | 5,535 | 6,453 | |
109,305 | 127,047 | 148,109 | ||
Total liabilities | 120,588 | 141,425 | 164,870 | |
Equity | ||||
Share capital | 19,980 | 19,980 | 23,292 | |
Share premium | 58,339 | 58,341 | 68,013 | |
Treasury shares | (1,736) | (1,736) | (2,024) | |
Reserves | 2,357 | 1,289 | 1,503 | |
Accumulated deficit | (299) | (1,197) | (1,395) | |
Total equity attributed to shareholders of the Company | 78,641 | 76,677 | 89,389 | |
Non-Controlling Interest | (1,141) | (1,354) | (1,578) | |
Total equity | 77,500 | 75,323 | 87,811 | |
Total liabilities and equity | 198,088 | 216,748 | 252,681 | |
* Convenience translation into US$ (exchange rate as at June 30, 2018: euro 1 = US$ 1.166) |
Ellomay Capital Ltd. and its Subsidiaries Condensed Consolidated Statements of Comprehensive Income (in thousands, except per share data) For the year ended For the three months For the six months For the six months December 31, ended June 30, ended June 30 ended June 30, 2017 2017 2018 2017 2018 2018 Audited Unaudited Unaudited Unaudited Convenience ? in thousands ? in thousands ? in thousands Translation into US$* Revenues 13,636 4,245 5,119 6,768 8,151 9,502 Operating expenses (2,549) (359) (1,710) (863) (2,610) (3,043) Depreciation expenses (4.518) (1,101) (1,409) (2,198) (2,767) (3,226) Gross profit 6,569 2,785 2,000 3,707 2,774 3,233 Project development costs **(2,739) **(762) (975) **(1,431) (1,771) (2,065) General and administrative expenses **(2,420) **(620) (792) **(1,210) (1,977) (2,305) Share of profits of equity accounted investee 1,531 (857) (662) (73) 501 584 Other income, net 18 4 69 9 73 85 Operating profit (loss) 2,959 550 (360) 1,002 (400) (468) Financing income 1,333 203 475 291 1,588 1,851 Financing expenses in connection with derivatives and other assets, net (3,156) (1,590) 737 (1,590) 285 332 Financing expenses (7,405) (2,360) (1,769) (4,463) (2,789) (3,251) Financing expenses, net (9,228) (3,747) (557) (5,762) (916) (1,068) Loss before taxes on income (6,269) (3,197) (917) (4,760) (1,316) (1,536) Taxes on income (372) (533) 193 (649) 182 212 Loss for the period (6,641) (3,730) (724) (5,409) (1,134) (1,324) Loss attributable to: Owners of the Company (6,115) (3,615) (642) (5,166) (898) (1,048) Non-controlling interests (526) (115) (82) (243) (236) (276) Loss for the period (6,641) (3,730) (724) (5,409) (1,134) (1,324) Other comprehensive income (loss) items that after initial recognition in comprehensive income (loss) were or will be transferred to profit or loss: Foreign currency translation differences for foreign operations (359) (456) 499 214 (799) (931) Effective portion of change in fair value of cash flow hedges (1,244) (126) 202 (126) (724) (844) Net change in fair value of cash flow hedges transferred to 1,382 618 (277) 618 478 557 Total other comprehensive income (loss) (221) 36 424 706 (1,045) (1,218) Total comprehensive loss for the period (6,862) (3,694) (301) (4,703) (2,179) (2,542) Basic net loss per share (0.57) (0.31) (0.06) (0.49) (0.08) (0.1) Diluted net loss per share (0.57) (0.31) (0.06) (0.49) (0.08) (0.1) * Convenience translation into US$ (exchange rate as at June 30, 2018: euro 1 = US$ 1.166)
profit or loss
** The Company changed the income statement classification of expenses related to project development from general and administrative expenses to project development costs to reflect more appropriately their nature and the way in which economic benefits are expected to be derived from the use of such costs. Comparative amounts were reclassified for consistency.
Ellomay Capital Ltd. and its Subsidiaries | |||||||||
Condensed Consolidated Statements of Changes in Equity (in thousands) | |||||||||
Attributable to shareholders of the Company | Non- | Total | |||||||
Interests | Equity | ||||||||
Translation | |||||||||
Share | Share | Retained | Treasury | reserve from foreign | |||||
capital | premium | deficit) | shares | Operations | Hedging | Total | |||
Reserve | |||||||||
For the six month ended | ? in thousands | ||||||||
June 30, | |||||||||
2018 (unaudited): | |||||||||
January 1, 2018 | 19,980 | 58,339 | (299) | (1,736) | 2,219 | 138 | 78,641 | (1,141) | 77,500 |
Loss for the year | - | - | (898) | - | - | - | (898) | (236) | (1,134) |
Other comprehensive loss | - | - | - | - | (822) | (246) | (1,068) | 23 | (1,045) |
Total comprehensive loss | - | - | (898) | - | (822) | (246) | (1,966) | (213) | (2,179) |
Transactions with owners of | |||||||||
Share-based payments | - | 2 | - | - | - | - | 2 | - | 2 |
Balance as at | |||||||||
June 30, 2018 | 19,980 | 58,341 | (1,197) | (1,736) | 1,397 | (108) | 76,677 | (1,354) | 75,323 |
Attributable to shareholders of the Company | Non- | Total | |||||||
Interests | Equity | ||||||||
Translation | |||||||||
Share | Share | Retained | Treasury | reserve from foreign | |||||
capital | premium | deficit) | shares | Operations | Hedging | Total | |||
Reserve | |||||||||
US$ in thousands* | |||||||||
For the six month ended | |||||||||
2018 (unaudited): | |||||||||
January 1, 2018 | 23,292 | 68,010 | (347) | (2,024) | 2,587 | 161 | 91,679 | (1,329) | 90,350 |
Loss for the year | - | - | (1,048) | - | - | - | (1,048) | (276) | (1,324) |
Other comprehensive loss | - | - | - | - | (958) | (287) | (1,245) | 27 | (1,218) |
Total comprehensive loss | - | - | (1,048) | - | (958) | (287) | (2,293) | (249) | (2,542) |
Transactions with owners of | |||||||||
Share-based payments | - | 3 | - | - | - | - | 3 | - | 3 |
Balance as at | |||||||||
June 30, 2018 | 23,292 | 68,013 | (1,395) | (2,024) | 1,629 | (126) | 89,389 | (1,578) | 87,811 |
Ellomay Capital Ltd. and its Subsidiaries | |||||||||
Condensed Consolidated Interim Statements of Changes in Equity (in thousands) (cont'd) | |||||||||
Attributable to shareholders of the Company | Non- | Total | |||||||
Interests | Equity | ||||||||
Translation | |||||||||
Share | Share | Retained | 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 | - | - | - | - | (445) | 138 | (307) | 86 | (221) |
Total comprehensive loss | - | - | (6,115) | - | (445) | 138 | (6,422) | (440) | (6,862) |
Transactions with owners of | |||||||||
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 |
Attributable to shareholders of the Company | Non- | Total | ||||||||||||
Interests | Equity | |||||||||||||
Translation | ||||||||||||||
Share | Share | Retained | Treasury | reserve from foreign | Hedging | |||||||||
capital | premium | deficit) | shares | Operations | Reserve | Total | ||||||||
? in thousands | ||||||||||||||
For the six month ended | ||||||||||||||
2017 (unaudited): | ||||||||||||||
Balance as at | ||||||||||||||
January 1, 2017 | 19,980 | 58,334 | 5,816 | (1,722) | 2,664 | - | 85,072 | (701) | 84,371 | |||||
Loss for the period | - | - | (5,166) | - | - | - | (5,166) | (243) | (5,409) | |||||
Other comprehensive loss | - | - | - | - | 222 | 492 | 714 | (8) | 706 | |||||
Total comprehensive loss | - | - | (5,166) | - | 222 | 492 | (4,452) | (251) | (4,703) | |||||
Transactions with owners of | ||||||||||||||
Share-based payments | - | 2 | - | - | - | - | 2 | - | 2 | |||||
Own shares acquired | - | - | - | (14) | - | - | (14) | - | (14) | |||||
Balance as at | ||||||||||||||
June 30, 2017 | 19,980 | 58,336 | 650 | (1,736) | 2,886 | 492 | 80,608 | (952) | 79,656 | |||||
Ellomay Capital Ltd. and its Subsidiaries | ||||||
Condensed Consolidated Interim Statements of Cash Flow (in thousands) | ||||||
For the year | For the three | For the three | For the six | For the six | For the six | |
Audited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | |
? in thousands | Convenience Translation | |||||
Cash flows from operating activities | ||||||
Loss for the period | (6,641) | (3,730) | (725) | (5,409) | (1,134) | (1,324) |
Adjustments for: | ||||||
Financing expenses, net | 9,228 | 3,747 | 557 | 5,762 | 916 | 1,068 |
Depreciation | 4,518 | 1,101 | 1,409 | 2,198 | 2,767 | 3,226 |
Share-based payment transactions | 5 | 2 | 1 | 2 | 2 | 3 |
Share of profits of equity accounted investees | (1,531) | 857 | 662 | 73 | (501) | (584) |
Payment of interest on loan from an equity accounted investee | 407 | - | - | - | 1,176 | 1,371 |
Change in trade receivables and other receivables | 2,012 | 377 | (525) | 299 | 156 | 182 |
Change in other assets | 126 | 440 | (536) | 804 | 135 | 157 |
Change in receivables from concessions project | (84) | - | 372 | - | 622 | 725 |
Change in accrued severance pay, net | 2 | - | 17 | 1 | 17 | 20 |
Change in trade payables | (258) | (542) | (21) | (215) | 328 | 382 |
Change in other payables | (2,655) | (2,748) | 113 | (2,282) | (310) | (361) |
Taxes on income | 372 | 533 | (193) | 649 | (182) | (212) |
Income taxes paid | (42) | - | (15) | - | (16) | (19) |
Interest received | 505 | 137 | 493 | 225 | 888 | 1,035 |
Interest paid | (3,659) | (1,359) | (2,215) | (1,514) | (2,597) | (3,028) |
Net cash provided by operating activities | 2,305 | (1,185) | 606 | 593 | 2,267 | 2,641 |
Cash flows from investing activities | ||||||
Acquisition of fixed assets | (7,576) | (2,752) | (1,494) | (4,116) | (2,606) | (3,038) |
Acquisition of subsidiary, net of cash acquired | (9,851) | - | - | - | - | - |
Advances on account of investments | (8,000) | (8,942) | - | (8,978) | - | - |
Repayment of loan to an equity accounted investee | - | - | - | - | 490 | 571 |
Acquisition of marketable securities | (6,677) | (4,711) | - | (6,677) | - | - |
Proceeds from marketable securities | 1,277 | - | - | - | - | - |
Decrease in restricted cash, net | 3,225 | (103) | 1,525 | 3,226 | 1,604 | 1,870 |
Proceeds of Forward contract | - | - | 407 | - | 407 | 474 |
Settlement of derivatives, net | 620 | - | (199) | (2,027) | (184) | (215) |
Loans to others | (361) | (361) | - | (361) | - | - |
Net cash used in investing activities | (27,343) | (16,869) | 239 | (18,933) | (289) | (338) |
Cash flows from financing activities | ||||||
Repayment of long-term loans and finance lease obligations | (2,224) | (664) | (14,550) | (746) | (14,727) | (17,168) |
Proceeds from issuance of debentures, net | 31,175 | - | - | 31,175 | - | - |
Repayment of Debentures | (4,842) | - | - | - | - | - |
Proceeds from long-term loans | 5,575 | 3,450 | 34,461 | 5,419 | 34,501 | 40,221 |
Repurchase of own shares | (14) | (1) | - | (14) | - | - |
Net cash provided by (used in) financing activities | 29,670 | 2,785 | 19,911 | 35,834 | 19,774 | 23,053 |
Effect of exchange rate fluctuations on cash and cash equivalents | (3,156) | (1,689) | 97 | (1,836) | (104) | (119) |
Increase in cash and cash equivalents | 1,476 | (16,958) | 19,641 | 15,658 | 21,648 | 25,237 |
Cash and cash equivalents at the beginning of the period | 22,486 | 55,102 | 25,969 | 22,486 | 23,962 | 27,934 |
Cash and cash equivalents at the end of the period | 23,962 | 38,144 | 45,610 | 38,144 | 45,610 | 53,171 |
* Convenience translation into US$ (exchange rate as at June 30, 2018: euro 1 = US$ 1.166) |
Ellomay Capital Ltd. and its Subsidiaries | ||||||
Reconciliation of Loss to EBITDA (in thousands) | ||||||
For the year | For the three months | For the six months | For the six | |||
2017 | 2017 | 2018 | 2017 | 2018 | 2018 | |
Unaudited | ||||||
? in thousands | Convenience | |||||
Net loss for the period | (6,641) | (3,730) | (725) | (5,409) | (1,134) | (1,324) |
Financing expenses, net | 9,228 | 3,747 | 557 | 5,762 | 916 | 1,068 |
Taxes on income | 372 | 533 | (193) | 649 | (182) | (212) |
Depreciation | 4,518 | 1,101 | 1,409 | 2,198 | 2,767 | 3,226 |
EBITDA | 7,477 | 1,651 | 1,048 | (3,200) | 2,367 | 2,758 |
* Convenience translation into US$ (exchange rate as at June 30, 2018: euro 1 = US$ 1.166) |
Contact:
Kalia Weintraub
CFO
Tel: +972-(3)-797-1111
Email: [email protected]
SOURCE Ellomay Capital Ltd.
These press releases may also interest you
|