Ellomay Capital Reports Results for the Three and Six Months Ended June 30, 2017

TEL-AVIV, Israel, Sept. 17, 2017 /PRNewswire/ -- Ellomay Capital Ltd. (NYSE American: ELLO) (TASE: ELLO) ("Ellomay" or the "Company") an emerging operator in the renewable energy and energy infrastructure sector, today reported its unaudited financial results for the three and six month periods ended June 30, 2017.

Financial Highlights

    --  Revenues were approximately $7.3 million (approximately EUR6.8 million)
        for the six months ended June 30, 2017, compared to approximately $6.5
        million (approximately EUR5.8 million) for the six months ended June 30,
        2016. The increase in revenues is mainly a result of higher spot rates
        and higher radiation levels in Italy and Spain during the six months
        ended June 30, 2017 compared to the six month period ended June 30,
        2016, as 2016 was characterized by low levels of radiation.
    --  Operating expenses were approximately $0.9 million (approximately EUR0.9
        million) for the six months ended June 30, 2017, compared to
        approximately $1.2 million (approximately EUR1 million) for the six
        months ended June 30, 2016. The decrease in operating expenses is mainly
        attributable to income recorded during the six months ended June 30,
        2017 in connection with insurance indemnification due to earthquake
        damages to one of the Company's PV Plants. A portion of the expenses in
        connection with the repair of such damages was recorded in operating
        expenses during the six months ended June 30, 2016. Depreciation
        expenses were approximately $2.4 million (approximately EUR2.2 million)
        for the six months ended June 30, 2017, compared to approximately $2.5
        million (approximately EUR2.3 million) for the six months ended June 30,
        2016.
    --  Project development costs were approximately $1.6 million for the six
        months ended June 30, 2017, compared to approximately $0.7 million for
        the six months ended June 30, 2016. The increase in project development
        costs is mainly attributable to consultancy expenses in connection with
        the execution of an agreement to acquire a photovoltaic site in Talmei
        Yosef, Israel (the "Talmei Yosef Project"), in June 2017 and the
        execution in April 2017 of an agreement to acquire the shares of Talasol
        Solar S.L., which is promoting the construction of a photovoltaic plant
        with a peak capacity of 300 MW in Spain (the "Talasol Project").
    --  General and administrative expenses were approximately $1.3 million for
        the six months ended June 30, 2017, compared to approximately $1.1
        million for the six months ended June 30, 2016. There was no material
        change in the substance and composition of the expenses included in
        general and administrative expenses between the two periods.
    --  Company's share of loss of equity accounted investee, after elimination
        of intercompany transactions, was approximately $0.1 million for the six
        months ended June 30, 2017, compared to a profit of approximately $0.3
        million in the six months ended June 30, 2016. The change in the
        Company's share of profit (loss) of equity accounted investee is mainly
        attributable to financing expenses incurred by Dorad for the six months
        ended June 30, 2017 as a result of the CPI indexation of loans from
        banks and related parties.
    --  Financing expenses, net was approximately $5.5 million for the six
        months ended June 30, 2017, compared to approximately $2.8 million for
        the six months ended June 30, 2016. The increase in financing expenses
        was mainly due to the reevaluation of the Company's EUR/USD forward
        transactions and interest rate swap transactions in the aggregate amount
        of approximately $1.6 million loss during the six months ended June 30,
        2017, compared to an approximately $1 million loss during the six months
        ended June 30, 2016, and increased expenses resulting from exchange rate
        differences in the amount of approximately $2.3 million during the six
        months ended June 30, 2017, compared to approximately $0.2 million
        during the six months ended June 30, 2016.
    --  Taxes on income were approximately $0.7 million for the six months ended
        June 30, 2017, compared to approximately $0.3 million for the six months
        ended June 30, 2016. This increase in taxes on income compared to the
        corresponding period in 2016 resulted mainly from previous utilization
        of loss carry forwards for several of the Company's Italian
        subsidiaries.
    --  Net loss was approximately $5.2 million for the six months ended June
        30, 2017, compared to net loss of approximately $1.7 million for the six
        months ended June 30, 2016.
    --  Total other comprehensive income was approximately $6.8 million for the
        six months ended June 30, 2017, compared to other comprehensive income
        of approximately $1.8 million for the six months ended June 30, 2016.
        The change was mainly due to presentation currency translation
        adjustments as a result of fluctuations in the Euro/USD exchange rates.
    --  Total comprehensive income was approximately $1.6 million for the six
        months ended June 30, 2017, compared to comprehensive income of
        approximately $0.1 million for the six months ended June 30, 2016.
    --  EBITDA was approximately $3.4 million for the six months ended June 30,
        2017, compared to approximately $3.9 million for the six months ended
        June 30, 2016. The decrease in EBITDA is mainly due to increased project
        development costs and a decrease in the Company's share of profit of
        equity accounted investee, partially offset by increased revenues
        resulting from relatively higher spot rates and higher radiation levels
        in Italy.
    --  Net cash from operating activities was approximately $0.7 million for
        the six months ended June 30, 2017 and 2017, respectively.

As of September 1, 2017, the Company held approximately $45.7 million in cash and cash equivalents, approximately $6.5 million in marketable securities and approximately $2.2 million in short-term and long-term restricted cash.

Ran Fridrich, CEO and a board member of Ellomay commented: "Ellomay continues improving its operational parameters and maintains an operating profit and stable cash flows from operating activities, while continuing with its intensive project development activities, including the waste-to-energy projects in the Netherlands, the Talmei Yosef Project in Israel, the Manara pumped storage project and the Talsaol project in Spain. Ellomay's financial expenses were strongly impacted by non-cash parameters totaling to $4 million that are a result of currency fluctuation and reevaluation of derivatives. This negative effect was offset by appreciation of our Euro based assets and resulted in an increase of total equity by approximately $1.6 million during the period."

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

As of June 30, 2017, the Company's Net Financial Debt (as such term is defined in the Deeds of Trust of the Company's Debentures) was approximately $27.7 million (consisting of approximately $33.4 million of short-term and long-term debt from banks and other interest bearing financial obligations and approximately $74 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 $51.5 million of cash and cash equivalents and marketable securities and net of approximately $28.2 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 energy and infrastructure sectors worldwide. Ellomay (formerly Nur Macroprinters Ltd.) previously was a supplier of wide format and super-wide format digital printing systems and related products worldwide, and sold this business to Hewlett-Packard Company during 2008 for more than $100 million.

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 and
        approximately 7.9MW of photovoltaic power plants in Spain;
    --  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 340 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.

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 changes in regulation, seasonality of the PV business and market conditions. 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 Interim
     Statements of Financial Position
    -------------------------------------------------------------------------

                                                              June 30           December 31

                                                                           2017                 2016
                                                                           ----                 ----

                                                             Unaudited            Audited
                                                             ---------            -------

                                                         US$ in thousands
                                                         ----------------

    Assets

    Current assets

    Cash and cash
     equivalents                                                         43,490               23,650

    Marketable
     securities                                                           8,007                1,023

    Restricted cash                                                          17                   16

    Trade and other
     receivables                                                         13,425                9,952
                                                                         ------                -----

                                                                         64,939               34,641
                                                                         ------               ------

    Non-current
     assets

    Investment in
     equity accounted
     investee                                                            33,325               30,788

    Advances on
     account of
     investments                                                         11,133                  905

    Financial assets                                                      1,473                1,330

    Fixed assets                                                         87,855               77,066

    Restricted cash
     and deposits                                                         2,144                5,399

    Deferred tax                                                          2,546                2,614

    Long term
     receivables                                                          2,377                3,431
                                                                          -----                -----

                                                                        140,853              121,533
                                                                        -------              -------

    Total assets                                                        205,792              156,174
                                                                        =======              =======


    Liabilities and
     Equity

    Current
     liabilities

    Current
     maturities of
     long term loans                                                      1,268                1,150

    Debentures                                                            5,500                4,989

    Trade payables                                                        1,574                1,684

    Other payables                                                        3,253                3,279
                                                                          -----                -----

                                                                         11,595               11,102
                                                                         ------               ------

    Non-current
     liabilities

    Finance lease
     obligations                                                          4,396                4,228

    Long-term loans                                                      27,065               17,837

    Debentures                                                           68,451               30,548

    Deferred tax                                                          1,137                  925

    Other long-term
     liabilities                                                          2,800                2,764
                                                                          -----                -----

                                                                        103,849               56,302
                                                                        -------               ------

    Total liabilities                                                   115,444               67,404
                                                                        =======               ======


    Equity

    Share capital                                                        26,597               26,597

    Share premium                                                        77,729               77,727

    Treasury shares                                                     (1,999)             (1,985)

    Reserves                                                           (10,251)            (17,024)

    Retained earnings                                                     (643)               4,191
                                                                           ----                -----

    Total equity
     attributed to
     shareholders of
     the Company                                                         91,433               89,506

    Non-Controlling
     Interest                                                           (1,085)               (736)
                                                                         ------                 ----


    Total equity                                                         90,348               88,770
                                                                         ======               ======

    Total liabilities
     and equity                                                         205,792              156,174
                                                                        =======              =======


    Ellomay Capital Ltd. and its Subsidiaries 
    Condensed Consolidated Interim Statements of Comprehensive Loss
    ----------------------------------------------------------------------------------------------------------

                                                              For the three                               For the six            For the  six

                                                               months ended                               months ended           months ended

                                                              June 30, 2017                              June 30, 2017          June 30, 2016
                                                              -------------                              -------------          -------------

                                                                Unaudited
                                                                ---------

                                               US$ in thousands (except per share amounts)
                                               ------------------------------------------

    Revenues                                                                         4,643                                7,331                     6,513

    Operating expenses                                                               (398)                               (935)                  (1,159)

    Depreciation expenses                                                          (1,209)                             (2,378)                  (2,518)
                                                                                    ------                               ------                    ------

    Gross profit                                                                     3,036                                4,018                     2,836


    Project development
     costs                                                                           (847)                             (1,580)                   *(713)

    General and
     administrative expenses                                                         (685)                             (1,313)                * (1,127)

    Share of profits (loss)
     of equity accounted
     investee                                                                        (902)                                (67)                      312

    Other income, net                                                                    5                                   10                        85
                                                                                       ---                                  ---                       ---

    Operating Profit                                                                   607                                1,068                     1,393


    Financing income                                                                   223                                  316                       164

    Financing expenses in
     connection with
     derivatives, net                                                              (1,717)                             (1,722)                  (1,024)

    Financing expenses                                                             (1,904)                             (4,120)                  (1,895)
                                                                                    ------                               ------                    ------

    Financing expenses, net                                                        (3,398)                             (5,526)                  (2,755)


    Loss before taxes on
     income                                                                        (2,791)                             (4,458)                  (1,362)


    Taxes on income                                                                  (600)                               (725)                    (309)
                                                                                      ----                                 ----                      ----


    Loss for the period                                                            (3,391)                             (5,183)                  (1,671)
                                                                                    ------                               ------                    ------

    Loss attributable to:

    Shareholders of the
     Company                                                                       (3,226)                             (4,834)                  (1,476)

    Non-controlling
     interests                                                                       (165)                               (349)                    (195)
                                                                                      ----                                 ----                      ----


    Loss for the period                                                            (3,391)                             (5,183)                  (1,671)
                                                                                    ------                               ------                    ------

    Other comprehensive
     income (loss)

    Items that are or may be
     reclassified to profit
     or loss:

    Effective portion of
     change in fair value of
     cash flow hedges

                                                                                     (126)                               (126)                        -

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

                                                                                       618                                  618                         -

    Foreign currency
     translation adjustments                                                           708                                1,819                     (267)
                                                                                       ---                                -----                      ----

    Items that would not be
     reclassified to profit
     or loss:

    Presentation currency
     translation adjustments                                                         3,547                                4,462                     2,018
                                                                                     -----                                -----                     -----


    Total other
     comprehensive income                                                            4,747                                6,773                     1,751
                                                                                     -----                                -----                     -----


    Total comprehensive
     income                                                                          1,356                                1,590                        80
                                                                                     =====                                =====                       ===


    Basic net loss per share                                                         (0.3)                              (0.46)                   (0.14)
                                                                                      ====                                =====                     =====

    Diluted net loss per
     share                                                                           (0.3)                              (0.46)                   (0.14)
                                                                                      ====                                =====                     =====

* During the six and three month periods ended June 30, 2017, 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 Interim Statements of Changes in Equity
     --------------------------------------------------------------------------------------------------------

                                                                               Attributable to owners of the Company
                                                                               -------------------------------------

                                                                                                                    Translation

                                                                                                                       reserve                 Presentation

                                                                                                                        from                      currency                    Non-

                                               Share       Share                 Retained               Treasury       foreign      Hedging     translation               controlling      Total

                                             capital      premium                earnings                shares      operations     Reserve       reserve        Total      interests     Equity
                                             -------      -------                --------                ------      ----------     -------       -------        -----      ---------     ------

                                                                                               Unaudited
                                                                                               ---------

                                                                                            US$ in thousands
                                                                                            ----------------

    For the six months
     ended

    June 30, 2017


    Balance as at

    January 1, 2017                            26,597        77,727                              4,191       (1,985)            547            -        (17,571)     89,506           (736)     88,770

    Loss for the period                             -            -                           (4,834)            -              -                           -    (4,834)          (349)    (5,183)

    Other comprehensive
     income (loss)



                                                    -            -                                 -            -          1,819          492            4,462       6,773               -      6,773
                                                  ---          ---                               ---          ---          -----          ---            -----       -----             ---      -----

    Total comprehensive
     income (loss)



                                                    -            -                           (4,834)            -          1,819          492            4,462       1,939           (349)      1,590

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

    Share-based payments

                                                    -            2                                  -            -              -                           -          2               -          2

    Own shares acquired                             -            -                                 -         (14)              -                                   (14)              -       (14)

                                                                                                                                                           -

    Balance as at

     June 30, 2017                             26,597        77,729                              (643)      (1,999)          2,366          492         (13,109)     91,433         (1,085)     90,348
                                               ======        ======                               ====        ======           =====          ===          =======      ======          ======      ======


                                             Attributable to owners of the Company
                                             -------------------------------------

                                                                                                  Translation

                                                                                                    reserve                           Presentation

                                                                                                     from                               currency                                      Non-

                            Share   Share           Retained                    Treasury            foreign           Hedging         translation                                  controlling               Total

                          capital  premium          earnings                     shares           operations          Reserve           reserve               Total                 interests                Equity
                          -------  -------          --------                     ------           ----------          -------           -------               -----                 ---------                ------

                                                                  Unaudited
                                                                  ---------

                                                               US$ in thousands
                                                              ----------------

    For the three months
     ended

    June 30, 2017


    Balance as at

    March 31, 2017          26,597    77,727                     2,583                    (1,999)              1,658               -               (16,656)              89,910                     (920)                88,990

    Loss for the period          -        -                  (3,226)                         -                  -              -                      -             (3,226)                    (165)               (3,391)

    Other comprehensive
     income (loss)



                                 -        -                        -                         -                708             492                   3,547                4,747                         -                 4,747
                               ---      ---                      ---                       ---                ---             ---                   -----                -----                       ---                 -----

    Total comprehensive
     income (loss)



                                 -        -                  (3,226)                         -                708             492                   3,547                1,521                     (165)                 1,356

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

    Share-based payments

                                 -        2                         -                         -                  -              -                      -                   2                         -                     2

    Balance as at

     June 30, 2017          26,597    77,729                     (643)                   (1,999)              2,366             492                (13,109)              91,433                   (1,085)                90,348
                            ======    ======                      ====                     ======               =====             ===                 =======               ======                    ======                 ======




                                                                                                                                                                                                           Ellomay Capital Ltd. and its Subsidiaries

    Condensed Consolidated Interim Statements of Changes in Equity
    --------------------------------------------------------------

                                                    Attributable to owners of the Company

                                                                                                                                        Translation

                                                                                                   Retained                               reserve              Presentation

                                                                                                earnings                                 From                 currency                                           Non-

                                                     Share                     Share            (Accumulated           Treasury          foreign              translation                                       controlling                    Total

                                                    capital                   premium             Deficit)              shares          operations              reserve                Total                     interests                     Equity
                                                    -------                   -------              -------              ------          ----------              -------                -----                     ---------                     ------

                                                                                   Unaudited
                                                                                   ---------

                                                                               US$ in thousands
                                                                               ----------------

    For the six months ended

    June 30, 2016


    Balance as at

    January 1, 2016                                         26,597                       77,723                  7,200          (1,972)                  814                 (16,029)             94,333                            (268)                  94,065

    Loss for the period                                          -                           -               (1,476)               -                    -                       -            (1,476)                           (195)                 (1,671)

    Other comprehensive income

                                                                 -                           -                     -               -                (267)                   2,018               1,751                                -                   1,751
                                                               ---                         ---                   ---             ---                 ----                    -----               -----                              ---                   -----

    Total comprehensive loss

                                                                 -                           -               (1,476)               -                (267)                   2,018                 275                            (195)                      80

    Dividend distribution                                        -                           -               (2,404)               -                    -                       -            (2,404)                               -                 (2,404)

    Share-based payments                                         -                           1                      -               -                    -                       -                  1                                -                       1

    Own shares acquired                                          -                           -                     -             (8)                    -                       -                (8)                               -                     (8)
                                                               ---                         ---                   ---             ---                   ---                     ---                ---                              ---                     ---

    Balance as at

     June 30, 2016                                          26,597                       77,724                  3,320          (1,980)                  547                 (14,011)             92,197                            (463)                  91,734
                                                            ======                       ======                  =====           ======                   ===                  =======              ======                             ====                   ======


    Ellomay Capital Ltd. and its Subsidiaries 
    Condensed Consolidated Interim Statements of Cash Flow
    -------------------------------------------------------------------------------------------------

                                                                                                    For the three             For the Six             For the Six
                                                                                                     Months ended             Months ended            Months ended
                                                                                                    June 30, 2017            June 30, 2017           June 30, 2016
                                                                                                    -------------            -------------           -------------

                                                                                                      Unaudited
                                                                                                      ---------

                                                                                                   US$ in thousands
                                                                                                   ----------------

    Cash flows from operating activities

    Loss for the period                                                                                              (3,391)                (5,183)         (1,671)

    Adjustments for:
    ----------------

    Financing expenses, net                                                                                            3,398                   5,526            2,755

    Depreciation                                                                                                       1,209                   2,378            2,518

    Share-based payment                                                                                                    2                       2                1

    Share of loss (profits) of equity accounted investees                                                                902                      67            (312)

    Change in trade receivables and other receivables                                                                      -                   (34)         (1,088)

    Change in other assets                                                                                                54                    (21)           (113)

    Change in accrued severance  pay, net                                                                                  -                      1                -

    Change in trade payables                                                                                           (218)                    131              124

    Change in accrued expenses and other payables                                                                    (2,194)                (1,530)           (515)

    Income tax expense                                                                                                   600                     725              309

    Income taxes paid                                                                                                      -                      -               -

    Interest received                                                                                                    151                     244              144

    Interest paid                                                                                                    (1,480)                (1,640)         (1,595)
                                                                                                                      ------                  ------           ------

    Net cash from operating activities                                                                                 (967)                    666              557
                                                                                                                        ====                     ===              ===

    Cash flows from investing activities

    Acquisition of fixed assets                                                                                      (2,993)                (4,451)               -

    Advances on account of investments                                                                               (9,776)                (9,815)           (146)

    Investment in equity accounted investee                                                                                -                      -           (803)

    Repayment of loan from an equity accounted investee                                                                    -                      -               -

    Decrease (increase) in restricted cash, net                                                                        (114)                  3,387                -

    Proceeds from marketable securities                                                                                    -                      -           1,008

    Acquisition of marketable securities                                                                             (4,932)                (7,017)               -

    Settlement of derivatives, net                                                                                         -                (2,180)               -

    Loans to others                                                                                                    (390)                  (390)               -
                                                                                                                        ----                    ----              ---

    Net cash from (used in) investing activities                                                                    (18,205)               (20,466)              59
                                                                                                                     =======                 =======              ===

    Cash flows from financing activities

    Dividend paid                                                                                                          -                      -         (2,404)

    Repayment of long-term loans and finance lease obligations                                                         (739)                  (827)           (645)

    Proceeds from issuance of Debentures                                                                                   -                 33,707                -

    Repayment of Debentures                                                                                                -                      -               -

    Proceeds from long term loans                                                                                      3,846                   5,927               90

    Repurchase of own shares                                                                                               -                   (14)             (8)
                                                                                                                         ---                    ---              ---

    Net cash from (used in) financing activities                                                                       3,107                  38,793          (2,967)
                                                                                                                       =====                  ======           ======


    Exchange differences on balance of cash and cash equivalents                                                         658                     847              349

    Increase (decrease) in cash and cash equivalents                                                                (15,407)                 19,840          (2,002)

    Cash and cash equivalents at the beginning of the period                                                          58,897                  23,650           18,717
                                                                                                                      ------                  ------           ------

    Cash and cash equivalents at the end of the period                                                                43,490                  43,490           16,715

    Supplemental non-cash investing and financing activities -


    Increase in loans from others related to fixed assets acquisition                                                  2,030                   2,030                -


     Ellomay Capital Ltd. and its Subsidiaries
    Reconciliation of Net
      Loss to EBITDA
     ---------------------------------------------------------------

                                            For the Three             For the Six        For the Six
                                            Months ended             Months ended       Months ended
                                              June 30,                 June 30,           June 30,

                                                         2017                      2017                2016
                                                         ----                      ----                ----

                                              Unaudited
                                              ---------

                                          US$ in thousands
                                          ----------------

     Net
     income
     (loss)
     for
     the
     period                                           (3,391)                  (5,183)            (1,671)

     Financing
     expenses
     (income),
     net                                                3,398                     5,526               2,755

     Taxes
     on
     income                                               600                       725                 309

    Depreciation                                        1,209                     2,378               2,518
    ------------                                        -----                     -----               -----

    EBITDA                                              1,816                     3,446               3,911

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

View original content:http://www.prnewswire.com/news-releases/ellomay-capital-reports-results-for-the-three-and-six-months-ended-june-30-2017-300520862.html

SOURCE Ellomay Capital Ltd