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

TEL AVIV, Israel, March 29, 2019 /PRNewswire/ -- Ellomay Capital Ltd. (NYSE American: ELLO) (ELLO.TA) ("Ellomay" or the "Company"), a renewable energy and power generator and developer of renewable energy and power projects in Europe and Israel, today reported its unaudited financial results for the three and twelve month periods ended December 31, 2018.

Financial Highlights

  • Revenues were approximately €18.1 million for the year ended December 31, 2018, compared to approximately €13.6 million for the year ended December 31, 2017. The increase in revenues is mainly a result of the commencement of operations of the Company's two waste-to-energy projects (the "WtE Projects") in the Netherlands (one in November 2017 and the other in June 2018) and the results for a full year of the photovoltaic plant in Talmei Yosef (the "Talmei Yosef PV Plant"), acquired in October 2017, partially offset by lower revenues in Italy due to relatively lower radiation levels in the year ended December 31, 2018 compared to the year ended December 31, 2017.
  • Operating expenses were approximately €6.3 million for the year ended December 31, 2018, compared to approximately €2.5 million for the year ended December 31, 2017. The increase in operating expenses is mainly attributable to additional operating expenses resulting from the commencement of operations of the WtE Projects in the Netherlands, as WtE operations are characterized by higher operating expenses compared to PV operations, resulting from the components of raw materials and the costs of waste removal, and from the acquisition of the Talmei Yosef PV Plant. Depreciation expenses were approximately €5.8 million for the year ended December 31, 2018, compared to approximately €4.5 million for the year ended December 31, 2017.
  • Project development costs were approximately €2.9 million for the year ended December 31, 2018, compared to approximately €2.7 million for the year ended December 31, 2017. The increase in project development costs is mainly attributable to consultancy expenses in connection with the project to promote the construction of a 300 MW photovoltaic plant in the municipality of Talaván, Cáceres, Spain (the "Talasol Project").
  • General and administrative expenses were approximately €3.6 million for the year ended December 31, 2018, compared to approximately €2.4 million for the year ended December 31, 2017. The increase in general and administrative expenses resulted mainly from payment of approximately €0.4 million pursuant to a VAT assessment agreement from previous years in Israel and related expenses and from increased expenses resulting from the commencement of operations of the WtE Projects in the Netherlands and the acquisition of the Talmei Yosef PV Plant.
  • Share of profits of equity accounted investee, after elimination of intercompany transactions, was approximately €2.5 million in the year ended December 31, 2018, compared to approximately €1.5 million in the year ended December 31, 2017. The increase in the Company's share of profit of equity accounted investee is mainly attributable to an increase in sales of electricity by Dorad due to increased production and to lower financial expenses incurred by Dorad as a result of the CPI indexation of loans from banks and related parties.
  • Financing expenses, net was approximately €2.1 million for the year ended December 31, 2018, compared to approximately €9.2 million for the year ended December 31, 2017. The decrease in financing expenses was mainly due to: (i) the reevaluation of the Company's euro/US$ forward transactions and marketable securities in the aggregate profit amount of approximately €0.5 million for the year ended December 31, 2018, compared to a loss of approximately €3.2 million for the year ended December 31, 2017, and (ii) income in connection with exchange rate differences amounting to approximately €0.7 million in the year ended December 31, 2018, mainly in connection with the NIS denominated Debentures, compared to expenses in the amount of approximately €3.6 million in the year ended December 31, 2017, mainly in connection with US dollar denominated cash and marketable securities, resulting from exchange rate differences caused by the 14% revaluation of the euro against the US$ during 2017. Following the change of presentation currency in 2017, the Company converted the majority of its cash and marketable securities from US dollar to euro.
  • Taxes on income were approximately €0.2 million in the year ended December 31, 2018, compared to approximately €0.4 million in the year ended December 31, 2017. This decrease resulted mainly from the application of a tax incentive in the Netherlands applicable for companies that invest in energy-efficient technology, claimable upon filing the relevant tax return by reducing the amount of taxable profit. 
  • Net profit was approximately €0.6 million in the year ended December 31, 2018, compared to net loss of approximately €6.6 million for the year ended December 31, 2017.
  • Net profit per share was approximately €0.1 in the year ended December 31, 2018, compared to net loss per share of approximately €0.57 for the year ended December 31, 2017.
  • Total other comprehensive loss was approximately €1.2 million for the year ended December 31, 2018, compared to total other comprehensive loss of approximately €0.2 million in the year ended December 31, 2017. The change was mainly due to changes in fair value of cash flow hedges and from foreign currency translation differences on New Israeli Shekel denominated operations, as a result of fluctuations in the euro/NIS exchange rates.
  • Total comprehensive loss was approximately €0.5 million in the year ended December 31, 2018, compared to total comprehensive loss of approximately €6.9 million in the year ended December 31, 2017.
  • EBITDA was approximately €8.7 million for the year ended December 31, 2018, compared to approximately €7.5 million for the year ended December 31, 2017.
  • Net cash from operating activities was approximately €6.6 million for the year ended December 31, 2018, compared to approximately €2.3 million for the year ended December 31, 2017. The increase in net cash from operating activities is mainly attributable to interest payment received during 2018 on a loan to an equity accounted investee.
  • As of March 1, 2019, the Company held approximately €29.8 million in cash and cash equivalents, approximately €0.4 million in marketable securities and approximately €6.9 million in restricted short-term and long-term cash.

Ran Fridrich, CEO and a board member of Ellomay commented: "2018 met our target presenting increased revenues, net profit and a strong cash flow from operations, while we continue promoting our major development projects – Talasol and Manara PSP. We expect to commence the construction of the Talasol project during the first half of 2019 and are diligently promoting the Manara PSP project towards financial closing."

Information for the Company's Series A and Series B Debenture Holders

As of December 31, 2018, the Company's Net Financial Debt (as such term is defined in the Deeds of Trust of the Company's Debentures) was approximately €20.2 million (consisting of approximately €69.8 million of short-term and long-term debt from banks and other interest bearing financial obligations and approximately €51.3 million in connection with the Series A Debentures issuances (in January and September 2014) and the Series B Debentures issuance (in March 2017), net of approximately €39 million of cash and cash equivalents and marketable securities and net of approximately €61.9 million of project finance and related hedging transactions of the Company's subsidiaries).

Use of NON-IFRS Financial Measures

EBITDA is a non-IFRS measure and is defined as earnings before financial expenses, net, taxes, depreciation and amortization. The Company presents this measure in order to enhance the understanding of the Company's historical financial performance and to enable comparability between periods. While the Company considers EBITDA to be an important measure of comparative operating performance, EBITDA should not be considered in isolation or as a substitute for net income or other statement of operations or cash flow data prepared in accordance with IFRS as a measure of profitability or liquidity. EBITDA does not take into account the Company's commitments, including capital expenditures, and restricted cash and, accordingly, is not necessarily indicative of amounts that may be available for discretionary uses. Not all companies calculate EBITDA in the same manner, and the measure as presented may not be comparable to similarly-titled measures presented by other companies. The Company's EBITDA may not be indicative of the historic operating results of the Company; nor is it meant to be predictive of potential future results. A reconciliation between results on an IFRS and non-IFRS basis is provided in the last table of this press release.

About Ellomay Capital Ltd.

Ellomay is an Israeli based company whose shares are registered with the NYSE American and with the Tel Aviv Stock Exchange under the trading symbol "ELLO". Since 2009, Ellomay Capital focuses its business in the renewable energy and power sectors in Europe and Israel.

To date, Ellomay has evaluated numerous opportunities and invested significant funds in the renewable, clean energy and natural resources industries in Israel, Italy and Spain, including:

  • Approximately 22.6MW of photovoltaic power plants in Italy, approximately 7.9MW of photovoltaic power plants in Spain and a photovoltaic power plant of approximately 9 MW in Israel;
  • 9.375% indirect interest in Dorad Energy Ltd., which owns and operates one of Israel's largest private power plants with production capacity of approximately 850 MW, representing about 6%-8% of Israel's total current electricity consumption;
  • 75% of Chashgal Elyon Ltd., Agira Sheuva Electra, L.P. and Ellomay Pumped Storage (2014) Ltd., all of which are involved in a project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel;
  • 51% of Groen Gas Goor B.V. and of Groen Gas Oude-Tonge B.V., project companies developing anaerobic digestion plants with a green gas production capacity of approximately 375 Nm3/h, in Goor, the Netherlands and 475 Nm3/h, in Oude Tonge, the Netherlands, respectively.
  • Talasol, which is involved in a project to construct a photovoltaic plant with a peak capacity of 300 MW in the municipality of Talaván, Cáceres, Spain.

Ellomay Capital is controlled by Mr. Shlomo Nehama, Mr. Hemi Raphael and Mr. Ran Fridrich. Mr. Nehama is one of Israel's prominent businessmen and the former Chairman of Israel's leading bank, Bank Hapohalim, and Messrs. Raphael and Fridrich both have vast experience in financial and industrial businesses. These controlling shareholders, along with Ellomay's dedicated professional management, accumulated extensive experience in recognizing suitable business opportunities worldwide. Ellomay believes the expertise of Ellomay's controlling shareholders and management enables the Company to access the capital markets, as well as assemble global institutional investors and other potential partners. As a result, we believe Ellomay is capable of considering significant and complex transactions, beyond its immediate financial resources.

For more information about Ellomay, visit http://www.ellomay.com.

Information Relating to Forward-Looking Statements

 This press release contains forward-looking statements that involve substantial risks and uncertainties, including statements that are based on the current expectations and assumptions of the Company's management. All statements, other than statements of historical facts, included in this press release regarding the Company's plans and objectives, expectations and assumptions of management are forward-looking statements.  The use of certain words, including the words "estimate," "project," "intend," "expect," "believe" and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  The Company may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on the Company's forward-looking statements. Various important factors could cause actual results or events to differ materially from those that may be expressed or implied by the Company's forward-looking statements, including weather conditions, regulatory changes, changes in the supply and prices of resources required for the operation of our facilities (such as waste and natural gas), changes in demand and technical and other disruptions in the operations or construction of the power plants owned by us. These and other risks and uncertainties associated with the Company's business are described in greater detail in the filings the Company makes from time to time with Securities and Exchange Commission, including its Annual Report on Form 20-F. The forward-looking statements are made as of this date and the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Ellomay Capital Ltd. and its Subsidiaries


Condensed Consolidated Statements of Financial Position




December 31,


2018

2017

2018


Audited


€ in thousands

Convenience Translation

into US$ in thousands*

Assets




Current assets:




Cash and cash equivalents

36,882

23,962

42,231

Marketable securities

2,132

2,162

2,441

Restricted cash and marketable securities

4,653

3,265

5,328

Receivable from concession project

1,292

1,286

1,479

Financial assets

1,282

1,249

1,468

Trade and other receivables

12,623

10,645

14,454


58,864

42,569

67,401

Non-current assets




Investment in equity accounted investee

27,746

27,655

31,770

Advances on account of investments

798

8,825

914

Receivable from concession project

25,710

27,725

29,439

Fixed assets

87,220

78,837

99,870

Intangible asset

4,882

5,505

5,590

Restricted cash and deposits

2,062

3,660

2,361

Deferred tax

2,423

1,777

2,774

Long term receivables

1,455

1,535

1,666


152,296

155,519

174,384





Total assets

211,160

198,088

241,785





Liabilities and Equity




Current liabilities




Current maturities of long term loans

5,864

3,103

6,714

Debentures

8,758

4,644

10,028

Trade payables

2,126

1,349

2,434

Other payables

3,103

2,187

3,553


19,851

11,283

22,729

Non-current liabilities




Finance lease obligations

-

3,690

-

Long-term loans

60,228

42,091

68,963

Debentures

42,585

52,987

48,761

Deferred tax

6,219

5,982

7,121

Other long-term liabilities

5,320

4,555

6,092


114,352

109,305

130,937

Total liabilities

134,203

120,588

153,666

Equity




Share capital

19,980

19,980

22,878

Share premium

58,344

58,339

66,806

Treasury shares

(1,736)

(1,736)

(1,988)

Reserves

1,169

2,357

1,339

Retained earnings (accumulated deficit)

758

(299)

868

Total equity attributed to shareholders of

 the Company

78,515

78,641

89,903

Non-Controlling Interest

(1,558)

(1,141)

(1,784)

Total equity

76,957

77,500

88,119

Total liabilities and equity

211,160

198,088

241,785


* Convenience translation into US$ (exchange rate as at December 31, 2018: euro 1 = US$ 1.145)

 

 

 

Ellomay Capital Ltd. and its Subsidiaries




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





For the three months
ended December 31,

For the year

ended December 31,

For the three
months
ended
December 31,

For the year
ended
December 31,





2017

2018

2017

2018

2018

2018



Unaudited

Audited

Unaudited

Audited



€ in thousands

Convenience Translation into
US$*


Revenues

2,867

4,246

13,636

18,117

4,862

20,745


Operating expenses

(892)

(1,769)

(2,549)

(6,342)

(2,026)

(7,262)


Depreciation expenses

(1,213)

(1,452)

(4.518)

(5,816)

(1,663)

(6,660)


Gross profit

761

1,025

6,569

5,959

1,173

6,823










Project development costs

(1,001)

(256)

(2,739)

(2,878)

(293)

(3,295)


General and administrative expenses

(559)

(838)

(2,420)

(3,600)

(960)

(4,122)


Share of profits (loss) of equity accounted investee

(55)

331

1,531

2,545

379

2,914


Other income, net

4

811

18

884

929

1,012


Operating profit (loss)

(849)

1,073

2,959

2,910

1,228

3,332










Financing income

856

739

1,333

2,936

846

3,362


Financing income (expenses) in connection with
derivatives, net

(308)

347

(3,156)

494

397

566


Financing expenses

(2,856)

(1,342)

(7,405)

(5,521)

(1,537)

(6,322)


Financing income (expenses), net

(2,308)

(256)

(9,228)

(2,091)

(294)

(2,394)


Profit (Loss) before taxes on income

(3,157)

817

(6,269)

819

934

938


Tax benefit  (Taxes on income)

679

(95)

(372)

(215)

(107)

(246)


Profit (Loss) for the period

(2,478)

722

(6,641)

604

827

692


Profit (Loss) attributable to:








Owners of the Company

(2,218)

673

(6,115)

1,057

771

1,211


Non-controlling interests

(260)

49

(526)

(453)

56

(519)


Profit (loss) for the year

(2,478)

722

(6,641)

604

827

692










Other comprehensive income (loss) items that after








initial recognition in comprehensive income (loss)








were or will be transferred to profit or loss:








Foreign currency translation differences for foreign
operations

87

(258)

(359)

(787)

(295)

 

(901)


Other comprehensive income items that will not be
transferred to profit or loss:








Effective portion of change in fair value of cash
flow hedges

(1,036)

(476)

(1,244)

(1,008)

(545)

(1,154)


Net change in fair value of cash flow hedges
transferred to profit or loss

546

348

1,382

643

398

736


Total other comprehensive loss

(403)

(386)

(221)

(1,152)

(442)

(1,319)


Total comprehensive profit (loss) for the year

(2,881)

336

(6,862)

(548)

385

(627)










Basic net profit (loss) per share

(0.15)

0.00

(0.57)

0.10

0.00

0.11


Diluted net profit (loss) per share

(0.15)

0.00

(0.57)

0.10

0.00

0.11




               * Convenience translation into US$ (exchange rate as at December 31, 2018: euro 1 = US$ 1.145)


 

 

 

Ellomay Capital Ltd. and its Subsidiaries


Condensed Consolidated Statements of Changes in Equity (in thousands)



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 year ended










December 31, 2018:










Balance as at










January 1, 2018

19,980

58,339

(299)

(1,736)

2,219

138

78,641

(1,141)

77,500

Profit for the year

-

-

1,057

-

-

-

1,057

(453)

604

Other comprehensive
loss for the year

 

-

 

-

 

-

 

-

 

(823)

 

(365)

 

(1,188)

 

36

 

(1,152)

Total comprehensive
loss
 for the year

-

-

1,057

-

(823)

(365)

(131)

(417)

(548)

Transactions with
owners of the Company, 
recognized directly in
equity:










Share-based payments

-

5

-

-

-

-

5

-

5











Balance as at










 December 31, 2018

19,980

58,344

758

(1,736)

1,396

(227)

78,515

(1,558)

76,957











For the three months










ended December 31,
2018 (Unaudited):










Balance as at










September 30, 2018

19,980

58,342

85

(1,736)

1,679

(99)

78,251

(1,632)

76,619

Profit for the period

-

-

673

-

-

-

673

49

722

Other comprehensive
loss for the period

 

-

 

-

 

-

 

-

 

(283)

 

(128)

 

(411)

 

25

 

(386)

Total comprehensive
income for the period

-

-

673

-

(283)

(128)

262

74

336

Transactions with
owners of the
Company,  recognized
directly in equity:










Share-based payments

-

2

-

-

-

-

2

-

2

Balance as at










December 31, 2018

19,980

58,344

758

(1,736)

1,396

(227)

78,515

(1,558)

76,957











 

 

 

Ellomay Capital Ltd. and its Subsidiaries


Condensed Consolidated 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 year ended










December 31, 2017:










Balance as at










January 1, 2017

19,980

58,334

5,816

(1,722)

2,664

-

85,072

(701)

84,371

Loss for the year

-

-

(6,115)

-

-

-

(6,115)

(526)

(6,641)

Other comprehensive
loss for the year

-

-

-

-

(445)

138

(307)

86

(221)

Total comprehensive
loss
 for the year

-

-

(6,115)

-

(445)

138

(6,422)

(440)

(6,862)

Transactions with
owners of the Company, 
recognized directly in
equity:










Own shares acquired

-

-

-

(14)

-

-

(14)

-

(14)

Share-based payments

-

5

-

-

-

-

5

-

5

Balance as at










 December 31, 2017

19,980

58,339

(299)

(1,736)

2,219

138

78,641

(1,141)

77,500











For the three months










ended December 31,
2017 (Unaudited):










Balance as at










September 30, 2017

19,980

58,337

1,335

(1,736)

2,776

628

81,320

(940)

80,380

Loss for the period

-

-

(1,634)

-

-

-

(1,634)

(260)

(1,894)

Other comprehensive
loss for the period

-

-

-

-

(557)

(490)

(1,047)

59

(988)

Total comprehensive
loss for the period

-

-

(1,634)

-

(557)

(490)

(2,681)

(201)

(2,882)

Transactions with
owners of the
Company,  recognized
directly in equity:










Share-based payments

-

2

-

-

-

-

2

-

2

Balance as at










December 31, 2017

19,980

58,339

(299)

(1,736)

2,219

138

78,641

(1,141)

77,500











 

 

 

Ellomay Capital Ltd. and its Subsidiaries


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




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 December 31, 2018: (euro 1 = US$ 1.145)











For the year ended










December 31, 2018:










Balance as at










January 1, 2018

22,878

66,800

(343)

(1,988)

2,541

158

90,046

(1,306)

88,740

Profit for the year



1,211




1,211

(519)

692

Other comprehensive
loss for the year

-

-

-

-

(942)

(418)

(1,360)

41

(1,319)

Total comprehensive
loss for the year

-

-

1,211

-

(942)

(418)

(149)

(478)

(627)

Transactions with
owners of the Company, 
recognized directly in
equity:










Share-based payments

-

6

-

-

-

-

6

-

6

Balance as at










 December 31, 2018

22,878

66,806

868

(1,988)

1,599

(260)

89,903

(1,784)

88,119











For the three months










ended December 31,
2018 (Unaudited):










Balance as at










September 30, 2018

22,878

66,804

97

(1,988)

1,923

(113)

89,601

(1,869)

87,732

Profit for the period



771




771

56

827

Other comprehensive
loss for the period

-

-

-

-

(324)

(147)

(471)

29

(442)

Total comprehensive
income for the period

-

-

771

-

(324)

(147)

300

85

385

Transactions with
owners of the
Company,  recognized
directly in equity:










Share-based payments

-

2

-

-

-

-

2

-

2

Balance as at










 December 31, 2018

22,878

66,806

868

(1,988)

1,599

(260)

89,903

(1,784)

88,119

 

 

 

Ellomay Capital Ltd. and its Subsidiaries


Condensed Consolidated Interim Statements of Cash Flow (in thousands)


For the three
months ended
December 31,

For the year
ended December
31,

For the three
months ended
December 31,

For the year
ended
December 31,


2017

2018

2017

2018

2018

2018


Unaudited

Audited

Unaudited

Audited


in thousands

Convenience Translation into US$*

Cash flows from operating activities







Profit (loss) for the period

(2,478)

722

(6,641)

604

827

692

Adjustments for:







Financing expenses, net

2,308

256

9,228

2,091

294

2,394

Depreciation

1,213

1,452

4,518

5,816

1,663

6,660

Share-based payment transactions

2

2

5

5

2

6

Share of (profits) loss of equity accounted investees 

54

(331)

(1,531)

(2,545)

(379)

(2,914)

Payment of interest on loan from an equity accounted
investee

-

1,860

407

3,036

2,130

3,476

Change in trade receivables and other receivables

2,559

183

2,012

(17)

210

(19)

Change in other assets

(382)

257

126

37

294

42

Change in receivables from concessions project

(84)

355

(84)

1,431

406

1,639

Change in accrued severance pay, net

-

-

2

15

-

17

Change in trade payables

(468)

342

(258)

633

392

725

Change in other payables

(1,403)

(1,527)

(2,655)

(1,565)

(1,748)

(1,792)

Income tax expense (tax benefit)

(679)

95

372

215

107

246

Income taxes paid

(42)

(33)

(42)

(77)

(38)

(88)

Interest received

145

429

505

1,835

491

2,101

Interest paid

(1,939)

(2,121)

(3,659)

(4,924)

(2,429)

(5,638)


1,284

1,219

8,946

5,986

1,395

6,855

Net cash from operating activities

(1,194)

1,941

2,305

6,590

2,222

7,547

Cash flows from investing activities







Acquisition of fixed assets

(1,220)

(647)

(7,576)

(3,708)

(741)

(4,246)

Acquisition of subsidiary, net of cash acquired

(9,851)

(1,000)

(9,851)

(1,000)

(1,145)

(1,145)

Advances on account of investments

978

-

(8,000)

-

-

-

Repayment of loan from an equity accounted investee

-

1,050

-

1,540

1,202

1,763

Acquisition of marketable securities

-

-

(6,677)

-

-

-

Proceeds from marketable securities

-

-

1,277

3,316

-

3,797

Proceed from settlement of derivatives, net

859

254

620

664

291

760

Decrease (increase) in restricted cash

(39)

(1,318)

3,225

(3,107)

(1,509)

(3,558)

Loans to others

-

(3,500)

(361)

(3,500)

(4,008)

(4,008)

Net cash from (used in) investing activities

(9,273)

(5,161)

(27,343)

(5,795)

(5,910)

(6,637)

Cash flows from financing activities







Dividend paid

-

-

-

-

-

-

Repayment of long-term loans and finance lease
obligations

(1,019)

(2,891)

(2,224)

(17,819)

(3,310)

(20,403)

Repayment of Debentures

(4,842)

(4,668)

(4,842)

(4,668)

(5,345)

(5,345)

Repurchase of own shares

-

-

(14)

-

-

-

Proceeds from long term loans

156

230

5,575

34,745

263

39,784

Proceeds from issuance of Debentures, net

-

-

31,175

-

-

-

Net cash from (used in) financing activities

(5,705)

(7,329)

29,670

12,258

(8,392)

14,036








Effect of exchange rate fluctuations on cash and cash
equivalents

52

44

(3,156)

(133)

51

(152)

Increase (decrease) in cash and cash equivalents

(16,120)

(10,505)

1,476

12,920

(12,029)

14,794

Cash and cash equivalents at the beginning of the
period

40,082

47,387

22,486

23,962

54,260

27,437

Cash and cash equivalents at the end of the period

23,962

36,882

23,962

36,882

42,231

42,231


          * Convenience translation into US$ (exchange rate as at December 31, 2018: euro 1 = US$ 1.145)

 

 

 

Ellomay Capital Ltd. and its Subsidiaries


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



For the three months
ended December 31,

For the year ended
December 31,

For the three
months
ended
December 31,

For the
year ended
December
31,


2017

2018

2017

2018

2018

2018


Unaudited


in thousands

Convenience Translation into
US$*

Net profit (loss) for the period

(2,478)

722

(6,641)

604

827

692

Financing expenses, net

2,308

256

9,228

2,091

294

2,394

Taxes on income (tax benefit)

(679)

95

372

215

107

246

Depreciation

1,213

1,452

4,518

5,816

1,663

6,660

EBITDA

364

2,525

7,477

8,726

2,891

9,992


          * Convenience translation into US$ (exchange rate as at December 31, 2018: euro 1 = US$ 1.145)

 

Contact:
Kalia Weintraub
CFO
Tel: +972 (3) 797-1111
Email: limors@ellomay.com

 

Cision

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