TEL AVIV, Israel, June 26, 2019 /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 month period ended March 31, 2019.
Financial Highlights
Ran Fridrich, CEO and a board member of Ellomay commented: "Q1 2019 was characterized by continued growth in all operational parameters, an increase in revenues, an increase in gross profit, and a significant increase in operating profit compared to Q1 2018. The construction of the TALASOL project (a 300 MW PV project in Spain) began following the balance sheet date. The TALASOL project is one of the largest projects being built in Europe and is not dependent on government subsidies. The TALASOL project executed a financial power swap agreement (PPA) in respect of approximately 80% of its expected output. This first-of-its-kind agreement guarantees a fixed electricity price for 10 years of operations, allowing the Talasol project to secure stable income and enabled the procurement of project financing provided by leading European banks (EIB, DB, RABOBANK and ABN-AMRO). The TALASOL project is a significant achievement for the Company and an important milestone in the Company's ability to initiate, develop and construct large-scale projects. In addition, in the first quarter of 2019, the Company took over the project management of the BIO-GAS facilities in the Netherlands. As a result, we have seen evidence of operational improvement, reflected in increased production and reduced of operational costs. The full results of the operational changes and investments in equipment currently in process in the BIO-GAS projects are expected to be reflected in the second half of 2019."
Information for the Company's Series A and Series B Debenture Holders
As of March 31, 2019, the Company's Net Financial Debt (as such term is defined in the Deeds of Trust of the Company's Debentures) was approximately ?12.1 million (consisting of approximately ?87.3 million of short-term and long-term debt from banks and other interest bearing financial obligations and approximately ?54.1 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 ?48.5 million of cash and cash equivalents and marketable securities and net of approximately ?80.8 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:
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.
Ellomay Capital Ltd. and its Subsidiaries | |||
Condensed Consolidated Statements of Financial Position | |||
March 31, | December 31, | March 31, | |
2019 | 2018 | 2019 | |
Unaudited | Audited | Unaudited | |
? in thousands | Convenience Translation | ||
Assets | |||
Current assets: | |||
Cash and cash equivalents | 46,353 | 36,882 | 52,048 |
Marketable securities | 2,194 | 2,132 | 2,464 |
Restricted cash and marketable securities | 1,315 | 4,653 | 1,477 |
Receivable from concession project | 1,379 | 1,292 | 1,548 |
Financial assets | 1,349 | 1,282 | 1,515 |
Trade and other receivables | 13,855 | 12,623 | 15,557 |
66,445 | 58,864 | 74,609 | |
Non-current assets: | |||
Investment in equity accounted investee | 30,075 | 27,746 | 33,770 |
Advances on account of investments | 840 | 798 | 943 |
Receivable from concession project | 26,828 | 25,710 | 30,124 |
Fixed assets | 94,213 | 87,220 | 105,787 |
Intangible asset | 5,052 | 4,882 | 5,673 |
Right-of-use asset | 4,200 | - | 4,716 |
Restricted cash and deposits | 5,588 | 2,062 | 6,274 |
Deferred tax | 2,499 | 2,423 | 2,806 |
Long term receivables | 1,483 | 1,455 | 1,665 |
170,778 | 152,296 | 191,758 | |
Total assets | 237,223 | 211,160 | 266,367 |
Liabilities and Equity | |||
Current liabilities: | |||
Current maturities of long term loans | 7,087 | 5,864 | 7,958 |
Debentures | 9,218 | 8,758 | 10,350 |
Trade payables | 3,796 | 2,126 | 4,261 |
Other payables | 3,548 | 3,103 | 3,984 |
23,649 | 19,851 | 26,553 | |
Non-current liabilities: | |||
Lease liability | 3,996 | - | 4,487 |
Long-term loans | 77,024 | 60,228 | 86,487 |
Debentures | 44,858 | 42,585 | 50,369 |
Deferred tax | 6,446 | 6,219 | 7,238 |
Other long-term liabilities | 4,670 | 5,320 | 5,244 |
136,994 | 114,352 | 153,825 | |
Total liabilities | 160,643 | 134,203 | 180,378 |
Equity: | |||
Share capital | 19,988 | 19,980 | 22,444 |
Share premium | 58,356 | 58,344 | 65,525 |
Treasury shares | (1,736) | (1,736) | (1,949) |
Reserves | 1,823 | 1,169 | 2,047 |
Retained earnings | 47 | 758 | 53 |
Total equity attributed to shareholders of the Company | 78,478 | 78,515 | 88,120 |
Non-Controlling Interest | (1,898) | (1,558) | (2,131) |
Total equity | 76,580 | 76,957 | 85,989 |
Total liabilities and equity | 237,223 | 211,160 | 266,367 |
* Convenience translation into US$ (exchange rate as at March 31, 2019: euro 1 = US$ 1.123)) |
Ellomay Capital Ltd. and its Subsidiaries | ||||
Condensed Consolidated Statements of Comprehensive Income (Loss) (in thousands, except per share data) | ||||
For the three months | For the year ended | For the three months | ||
2018 | 2019 | 2018 | 2019 | |
Unaudited | Audited | Unaudited | ||
? in thousands | ? in thousands | Convenience Translation | ||
Revenues | 3,032 | 4,733 | 18,117 | 5,314 |
Operating expenses | (900) | (1,664) | (6,342) | (1,868) |
Depreciation expenses | (1,358) | (1,578) | (5,816) | (1,772) |
Gross profit | 774 | 1,491 | 5,959 | 1,674 |
Project development costs | (796) | (874) | (2,878) | (981) |
General and administrative expenses | (1,185) | (897) | (3,600) | (1,007) |
Share of profits of equity accounted investee | 1,163 | 1,164 | 2,545 | 1,307 |
Other income, net | 4 | - | 884 | - |
Operating profit (loss) | (40) | 884 | 2,910 | 993 |
Financing income | 1,331 | 390 | 2,936 | 438 |
Financing income (expenses) in connection with derivatives and other assets, net | (452) | 431 | 494 | 484 |
Financing expenses | (1,237) | (2,485) | (5,521) | (2,790) |
Financing expenses, net | (358) | (1,664) | (2,091) | (1,868) |
Income (loss) before taxes on income | (398) | (780) | 819 | (875) |
Taxes on income | (11) | (189) | (215) | (212) |
Income (loss) for the period | (409) | (969) | 604 | (1,087) |
Income (loss) attributable to: | ||||
Owners of the Company | (256) | (711) | 1,057 | (797) |
Non-controlling interests | (153) | (258) | (453) | (290) |
Income (loss) for the period | (409) | (969) | 604 | (1,087) |
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 | (1,298) | 1,232 | (787) |
1,383 |
Effective portion of change in fair value of cash flow hedges | (926) | 350 | (1,008) | 393 |
Net change in fair value of cash flowhedges transferred to profit or loss | 755 | (1,010) | 643 | (1,134) |
Total other comprehensive income (loss) | (1,469) | 572 | (1,152) | 642 |
Total comprehensive loss for the period | (1,878) | (397) | (548) | (445) |
Basic net income (loss) per share | (0.02) | (0.07) | 0.10 | (0.07) |
Diluted net income (loss) per share | (0.02) | (0.07) | 0.10 | (0.07) |
* Convenience translation into US$ (exchange rate as at March 31, 2019: euro 1 = US$ 1.123) |
Ellomay Capital Ltd. and its Subsidiaries | |||||||||
Condensed Consolidated Statements of Changes in Equity (in thousands) | |||||||||
Attributable to shareholders of the Company | Non- controlling | Total | |||||||
Interests | Equity | ||||||||
Translation | |||||||||
Share |
Share | Retained earnings (accumulated |
Treasury | reserve from foreign |
Hedging | ||||
capital | premium | deficit) | shares | operations | Reserve | Total | |||
? in thousands | |||||||||
For the three month ended March 31, | |||||||||
2019 (unaudited): | |||||||||
Balance as at | |||||||||
January 1, 2019 | 19,980 | 58,334 | 758 | (1,736) | 1,396 | (227) | 78,515 | (1,558) | 76,957 |
Loss for the period | - | - | (711) | - | - | - | (711) | (258) | (969) |
Other comprehensive income (loss) for the period |
- |
- |
- |
- |
1,314 |
(660) |
654 |
(82) |
572 |
Total comprehensive income (loss) for the period | - | - | (711) | - | 1,314 | (660) | (57) | (340) | (397) |
Transactions with owners of the Company, recognized directly in equity: | |||||||||
Options exercise | 8 | 11 | - | - | - | - | 19 | - | 19 |
Share-based payments | - | 1 | - | - | - | - | 1 | - | 1 |
Balance as at | |||||||||
March 31, 2019 | 19,988 | 58,356 | 47 | (1,736) | 2,710 | (887) | 78,478 | (1,898) | 76,580 |
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 for the year | - | - | 1,057 | - | - | - | 1,057 | (453) | 604 |
Other comprehensive income (loss) for the year |
- |
- |
- |
- |
(823) |
(365) |
(1,188) |
36 |
(1,152) |
Total comprehensive income (loss) for the year | - | - | 1,057 | - | (823) | (365) | (131) | (417) | (548) |
Transactions with owners of the Company, | |||||||||
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 |
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- controlling | Total | |||||||||
Interests | Equity | ||||||||||
Translation | |||||||||||
Share |
Share | Retained earnings (accumulated |
Treasury | reserve from foreign |
Hedging | ||||||
capital | premium | deficit) | shares | operations | Reserve | Total | |||||
? in thousands | |||||||||||
For the three month ended March 31, | |||||||||||
2018 (unaudited): | |||||||||||
Balance as at | |||||||||||
January 1, 2018 | 19,980 | 58,339 | (299) | (1,736) | 2,219 | 138 | 78,641 | (1,141) | 77,500 | ||
Loss for the period | - | - | (256) | - | - | - | (256) | (153) | (409) | ||
Other comprehensive income (loss) for the period |
- |
- |
- |
- |
(1,342) |
(171) |
(1,513) |
44 |
(1,469) | ||
Total comprehensive loss for the period | - | - | (256) | - | (1,342) | (171) | (1,769) | (109) | (1,878) | ||
Transactions with owners of the Company, | |||||||||||
Share-based payments |
- |
1 |
- |
- |
- |
- |
1 |
- |
1 | ||
Balance as at | |||||||||||
March 31, 2018 | 19,980 | 58,340 | (555) | (1,736) | 877 | (33) | 76,873 | (1,250) | 75,623 | ||
Attributable to shareholders of the Company | Non- controlling | Total | |||||||||
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 March 31, 2019: (euro 1 = US$ 1.123)) | |||||||||||
For the three month ended March 31, | |||||||||||
2019 (unaudited): | |||||||||||
Balance as at | |||||||||||
January 1, 2019 | 22,435 | 65,512 | 850 | (1,949) | 1,568 | (255) | 88,161 | (1,749) | 86,412 | ||
Loss for the period | - | - | (797) | - | - | - | (797) | (290) | (1,087) | ||
Other comprehensive profit (loss) for the period |
- |
- |
- |
- |
1,475 |
(741) |
734 |
(92) |
642 | ||
Total comprehensive income (loss) for the period | - | - | (797) | - | 1,475 | (741) | (63) | (382) | (445) | ||
Transactions with owners of the Company, | |||||||||||
Options exercise | 9 | 12 | - | - | - | - | 21 | - | 21 | ||
Share-based payments | - | 1 | - | - | - | - | 1 | - | 1 | ||
Balance as at | |||||||||||
March 31, 2019 | 22,444 | 65,525 | 53 | (1,949) | 3,043 | (996) | 88,120 | (2,131) | 85,989 |
Ellomay Capital Ltd. and its Subsidiaries | ||||
Condensed Consolidated Interim Statements of Cash Flow (in thousands) | ||||
For the three months | For the three months | For the year | For the three months | |
Unaudited | Unaudited | Audited | Unaudited | |
? in thousands | Convenience Translation | |||
Cash flows from operating activities | ||||
Income (loss) for the period | (409) | (969) | 604 | (1,087) |
Adjustments for: | ||||
Financing expenses, net | 358 | 1,664 | 2,091 | 1,868 |
Depreciation | 1,358 | 1,578 | 5,816 | 1,772 |
Share-based payment transactions | 1 | 1 | 5 | 1 |
Share of profits of equity accounted investees | (1,163) | (1,164) | (2,545) | (1,307) |
Payment of interest on loan from an equity accounted investee | 1,176 | - | 3,036 | - |
Change in trade receivables and other receivables | 681 | (1,696) | (17) | (1,904) |
Change in other assets | 671 | (708) | 37 | (795) |
Change in receivables from concessions project | 250 | 171 | 1,431 | 192 |
Change in accrued severance pay, net | - | 4 | 15 | 4 |
Change in trade payables | 349 | 509 | 633 | 572 |
Change in other payables | (423) | 416 | (1,565) | 467 |
Taxes on income | 11 | 189 | 215 | 212 |
Income taxes paid | (1) | - | (77) | - |
Interest received | 395 | 415 | 1,835 | 466 |
Interest paid | (382) | (205) | (4,924) | (230) |
Net cash provided by operating activities | 2,872 | 205 | 6,590 | 231 |
Cash flows from investing activities | ||||
Acquisition of fixed assets | (1,112) | (7,289) | (3,708) | (8,184) |
Acquisition of subsidiary, net of cash acquired | - | (1,000) | (1,000) | (1,123) |
Repayment of loan to an equity accounted investee | 490 | - | 1,540 | 604 |
Advances on account of investments | - | - | - | - |
Acquisition of marketable securities | - | - | - | - |
Proceeds from marketable securities | - | - | 3,316 | - |
Proceed from (invest in) settlement of derivatives, net | 15 | 532 | 664 | 597 |
Decrease (increase) in restricted cash | 79 | 87 | (3,107) | 98 |
Loans to others | - | - | (3,500) | - |
Net cash used in investing activities | (528) | (7,670) | (5,795) | (8,612) |
Cash flows from financing activities | ||||
Repayment of long-term loans and finance lease obligations | (177) | (506) | (17,819) | (568) |
Repayment of Debentures | - | - | (4,668) | - |
Proceeds from options | - | 19 | - | 21 |
Proceeds from long-term loans | 40 | 17,424 | 34,754 | 19,565 |
Net cash provided by (used in) financing activities | (137) | 16,937 | 12,258 | (19,018) |
Effect of exchange rate fluctuations on cash and cash equivalents | (200) | (1) | (133) | (2) |
Increase in cash and cash equivalents | 2,007 | 9,471 | 12,920 | 10,635 |
Cash and cash equivalents at the beginning of the period | 23,962 | 36,882 | 23,962 | 41,413 |
Cash and cash equivalents at the end of the period | 25,969 | 46,353 | 36,882 | 52,048 |
* Convenience translation into US$ (exchange rate as at March 31, 2019: euro 1 = US$ 1.123) |
Ellomay Capital Ltd. and its Subsidiaries | ||||
Reconciliation of Income (Loss) to EBITDA (in thousands) | ||||
For the three months ended March 31, | For the year ended December 31, | For the three months ended March 31, | ||
2018 | 2019 | 2018 | 2019 | |
Unaudited | ||||
? in thousands | Convenience Translation into US$* | |||
Net income (loss) for the period | (409) | (969) | 604 | (1,087) |
Financing expenses, net | 358 | 1,664 | 2,091 | 1,868 |
Taxes on income | 11 | 189 | 215 | 212 |
Depreciation | 1,358 | 1,578 | 5,816 | 1,772 |
EBITDA | 1,318 | 2,462 | 8,726 | 2,765 |
* Convenience translation into US$ (exchange rate as at March 31, 2019: euro 1 = US$ 1.123) |
Contact:
Kalia Weintraub
CFO
Tel: +972 (3) 797-1111
Email: [email protected]
SOURCE Ellomay Capital Ltd
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