Ellomay Capital Reports Results for the Three and Nine Months Ended September 30, 2017
TEL-AVIV, Israel, Dec. 19, 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 nine month periods ended September 30, 2017.
Financial Highlights
-- Revenues were approximately $12 million (approximately EUR10.8 million)
for the nine months ended September 30, 2017, compared to approximately
$10.6 million (approximately EUR9.5 million) for the nine months ended
September 30, 2016. The increase in revenues is mainly a result of
higher spot rates and higher radiation levels in Italy and Spain during
the nine months ended September 30, 2017 compared to the nine months
ended September 30, 2016, as 2016 was characterized by low levels of
radiation.
-- Operating expenses remained stable at approximately $1.8 million
(approximately EUR1.7 million) for the nine months ended September 30,
2017, compared to approximately $1.9 million (approximately EUR1.7
million) for the nine months ended September 30, 2016. Depreciation
expenses were approximately $3.7 million (approximately EUR3.3 million)
for the nine months ended September 30, 2017 and 2016.
-- Project development costs were approximately $1.9 million for the nine
months ended September 30, 2017, compared to approximately $1.5 million
for the nine months ended September 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.
-- General and administrative expenses were approximately $2.1 million for
the nine months ended September 30, 2017, compared to approximately $1.9
million for the nine months ended September 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 income of equity accounted investee, after
elimination of intercompany transactions, was approximately $1.9 million
for the nine months ended September 30, 2017, compared to approximately
$1.1 million in the nine months ended September 30, 2016. The increase
in the Company's share of profit of equity accounted investee is mainly
attributable to an increase in sales of electricity to Dorad's
customers, resulting in an increase in operating profit, and to lower
financing expenses incurred by Dorad for the period as a result of the
CPI indexation of loans from banks and related parties, partially offset
by an increase in taxes on income.
-- Financing expenses, net was approximately $6.8 million for the nine
months ended September 30, 2017, compared to approximately $4.5 million
for the nine months ended September 30, 2016. The increase in financing
expenses was mainly due to the reevaluation of the Company's EUR/USD
forward transactions, interest rate swap transactions and marketable
securities in the aggregate amount of approximately $3.2 million loss
compared to approximately $1.5 million loss during the nine months ended
September 30, 2017 and September 30, 2016, respectively, and increased
expenses resulting from exchange rate differences in the amount of
approximately $1.3 million compared to approximately $0.6 million during
the nine months ended September 30, 2017 and 2016, respectively.
-- Taxes on income were approximately $1.2 million for the nine months
ended September 30, 2017, compared to approximately $0.6 million for the
nine months ended September 30, 2016. This increase in taxes on income
compared to the corresponding period in 2016 resulted mainly from
increased profit in 2017 and from previous utilization of loss carry
forwards for several of the Company's Italian subsidiaries.
-- Net loss was approximately $3.6 million for the nine months ended
September 30, 2017, compared to net loss of approximately $2.2 million
for the nine months ended September 30, 2016.
-- Total other comprehensive income was approximately $9 million for the
nine months ended September 30, 2017, compared to approximately $2.5
million for the nine months ended September 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 $5.4 million for the nine
months ended September 30, 2017, compared to approximately $0.3 million
for the nine months ended September 30, 2016.
-- Total equity was approximately $94.1 million as of September 30, 2017,
compared to approximately $88.8 million of December 31, 2016. The
increase in total equity was mainly due to presentation currency
translation adjustments.
-- EBITDA was approximately $8 million for the nine months ended September
30, 2017, compared to approximately $6.5 million for the nine months
ended September 30, 2016. The increase in EBITDA is mainly due to
increased revenues and an increase in the Company's share of profit of
equity accounted investee.
-- Net cash from operating activities was approximately $3.9 million for
the nine months ended September 30, 2017, compared to approximately $7.5
million for the nine months ended September 30, 2016. The decrease in
net cash from operating activities is mainly attributable to payment of
interest on a loan from an equity accounted investee of approximately
$0.5 million for the nine months ended September 30, 2017, compared to
approximately $5.1 million in the nine months ended September 30, 2016,
partially offset by increased revenues during the period as a result of
higher spot rates and higher radiation levels in Italy and Spain.
-- On October 18, 2017, the Company completed the purchase of the Talmei
Yosef Project. Therefore, the results of the Talmei Yosef Project are
not included in the financial results for the nine months ended
September 30, 2017.
-- As of December 1, 2017, the Company held approximately $36.8 million in
cash and cash equivalents, approximately $6.5 million in marketable
securities and approximately $4.4 million in short-term and long-term
restricted cash.
-- On December 4, 2017, the Israeli Public Utilities Authority -
Electricity (the "Israeli Electricity Authority") announced the
reduction of the conditional license issued to Ellomay Pumped Storage
(2014) Ltd., the Company's 75%-owned subsidiary engaged in promoting a
pumped storage project in the Manara Cliff in Israel (the "Manara PSP")
from 340 MW to 156 MW. The reduced capacity is based on the remaining
capacity in the hydro pumped storage quota determined by the Israeli
Electricity Authority after deducting the capacity already allocated to
two projects that are in more advanced stages than the Manara PSP. The
Israeli Electricity Authority also announced the extension by four
months of the deadline for producing a connection survey in both
conditional licenses. In its decision, the Israeli Electricity Authority
noted that in the event one of the holders of the conditional licenses
reaches financial closing, the Israeli Electricity Authority will
commence the process of cancelling the other conditional licenses for
projects that have not yet reached financial closing.
-- Estimated 2018 CF projection from projects are:
-- Projects income of $26.1 million.
-- Net expected CF from projects of $15.2 million.
-- Total 2018 estimated CF from projects of $12.3 million.For more
information concerning the Company's cash flow projections see the
Company's Immediate Report on Form 6-K furnished to the Securities
and Exchange Commission on November 1, 2017.
Ran Fridrich, CEO and a board member of Ellomay commented: "Ellomay continues its extensive development and investment program, while constantly improving the performance of its existing projects. The results for the period show an improvement in all the parameters, including revenues and EBITDA, while maintaining liquidity and increasing cash balances. Management expects that the results of the investments made during 2017 in connection with the Talmei Yosef project and the two bio-gas projects in the Netherlands will be reflected in the 2018 financial results."
Information for the Company's Series A and Series B Debenture Holders
As of September 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 $24.7 million (consisting of approximately $34.1 million of short-term and long-term debt from banks and other interest bearing financial obligations and approximately $73.3 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 $53.7 million of cash and cash equivalents and marketable securities and net of approximately $29 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,
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.
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.
Contact:
Kalia Weintraub
CFO
Tel: +972 (3) 797-1111
Email: miria@ellomay.com
Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Interim Statements of Financial Position
---------------------------------------------------------------
September 30 December 31
2017 2016
---- ----
Unaudited Audited
--------- -------
US$ in thousands
----------------
Assets
Current assets
Cash and cash equivalents 47,212 23,650
Marketable securities 6,490 1,023
Restricted cash 18 16
Trade and other
receivables 12,419 9,952
------ -----
66,139 34,641
------ ------
Non-current assets
Investment in equity
accounted investee 34,484 30,788
Advances on account of
investments 11,546 905
Financial assets 1,465 1,330
Fixed assets 92,107 77,066
Restricted cash and
deposits 2,200 5,399
Deferred tax 2,549 2,614
Long term receivables 2,198 3,431
----- -----
146,549 121,533
------- -------
Total assets 212,688 156,174
======= =======
Liabilities and Equity
Current liabilities
Current maturities of long
term loans 1,323 1,150
Debentures 5,456 4,989
Trade payables 1,813 1,684
Other payables 4,547 3,279
----- -----
13,139 11,102
------ ------
Non-current liabilities
Finance lease obligations 4,446 4,228
Long-term loans 27,538 17,837
Debentures 67,891 30,548
Deferred tax 1,241 925
Other long-term
liabilities 4,311 2,764
----- -----
105,427 56,302
------- ------
Total liabilities 118,566 67,404
======= ======
Equity
Share capital 26,597 26,597
Share premium 77,731 77,727
Treasury shares (1,999) (1,985)
Reserves (7,948) (17,024)
Retained earnings 848 4,191
--- -----
Total equity attributed to
shareholders of the
Company 95,229 89,506
Non-Controlling Interest (1,107) (736)
------ ----
Total equity 94,122 88,770
====== ======
Total liabilities and
equity 212,688 156,174
======= =======
Condensed Consolidated Interim Statements of Comprehensive income
-----------------------------------------------------------------
For the nine months For the three months
ended September 30, ended September 30
2017 2016 2017 2016
---- ---- ---- ----
Unaudited
---------
US$ in thousands (except per share amounts)
------------------------------------------
Revenues 11,990 10,574 4,659 4,061
Operating expenses (1,843) (1,858) (908) (699)
Depreciation expenses (3,677) (3,654) (1,299) (1,136)
------ ------ ------ ------
Gross profit 6,470 5,062 2,452 2,226
Project development costs (1,935) *(1,497) (355) *(784)
General and administrative expenses (2,076) *(1,862) (763) *(735)
Share of profits of equity accounted investee 1,878 1,097 1,945 785
Other income, net 15 85 5 -
--- --- --- ---
Operating Profit 4,352 2,885 3,284 1,492
Financing income 531 196 1,241 32
Financing expenses in connection with derivatives, net (3,170) (1,458) (1,448) (434)
Financing expenses (4,181) (3,260) (1,087) (1,365)
------ ------ ------ ------
Financing expenses, net (6,820) (4,522) (1,294) (1,767)
Profit (Loss) before taxes on income (2,468) (1,637) 1,990 (275)
------ ------ ----- ----
Taxes on income (1,171) (568) (446) (259)
------ ---- ---- ----
Profit (Loss) for the period (3,639) (2,205) 1,544 (534)
------ ------ ----- ----
Profit (Loss) attributable to:
Shareholders of the Company (3,343) (1,910) 1,491 (434)
Non-controlling interests (296) (295) 53 (100)
---- ---- --- ----
Profit (Loss) for the period (3,639) (2,205) 1,544 (534)
------ ------ ----- ----
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 (372) - (246) -
Net change in fair value of cash flow hedges transferred to profit or loss 1,602 - 984 -
Foreign currency translation adjustments 1,651 (699) (168) (432)
Items that would not be reclassified to profit or loss:
Presentation currency translation adjustments 6,195 3,164 1,733 1,146
Presentation currency translation adjustments attributable to
Non-controlling interests
(75) - (75) -
--- --- --- ---
Total other comprehensive income for the period 9,001 2,465 2,228 714
----- ----- ----- ---
Total comprehensive income 5,362 260 3,772 180
===== === ===== ===
Basic net profit (loss) per share (0.31) (0.18) 0.14 (0.04)
===== ===== ==== =====
Diluted net profit (loss) per share (0.31) (0.18) 0.14 (0.04)
----------------------------------- ===== ===== ==== =====
____________________________
* During the nine and three month periods ended September 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 nine months ended
September 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 - - (3,343) - - - - (3,343) (296) (3,639)
Other comprehensive income
- - - - 1,651 1,230 6,195 9,076 (75) 9,001
--- --- --- --- ----- ----- ----- ----- --- -----
Total comprehensive income (loss)
- - (3,343) - 1,651 1,230 6,195 5,733 (371) 5,362
Transactions with owners of the Company, recognized
directly in equity:
Share-based payments
- 4 - - - - - 4 - 4
Own shares acquired - - - (14) - - - (14) - (14)
--- --- --- --- --- --- --- --- --- ---
Balance as at
September 30, 2017 26,597 77,731 848 (1,999) 2,198 1,230 (11,376) 95,229 (1,107) 94,122
====== ====== === ====== ===== ===== ======= ====== ====== ======
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
September 30, 2017
Balance as at
June 30, 2017 26,597 77,729 (643) (1,999) 2,366 492 (13,109) 91,433 (1,085) 90,348
Loss for the period - - 1,491 - - - - 1,491 53 1,544
Other comprehensive income (loss)
- - - - (168) 738 1,733 2,303 (75) 2,228
--- --- --- --- ---- --- ----- ----- --- -----
Total comprehensive income (loss)
- - 1,491 - (168) 738 1,733 3,794 (22) 3,772
Transactions with
owners of the Company,
recognized directly in equity:
Share-based payments - 2 - - - - - 2 - 2
--- --- --- --- --- --- --- --- --- ---
Balance as at
September 30, 2017 26,597 77,731 848 (1,999) 2,198 1,230 11,376)) 95,229 (1,107) 94,122
====== ====== === ====== ===== ===== ======= ====== ====== ======
Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Interim Statements of Changes in Equity (cont'd)
Non- controlling Total
Attributable to owners of the Company
-------------------------------------
interests Equity
--------- ------
Translation
Reserve Presentation
From currency
Share Share Retained Treasury Foreign translation
capital premium earnings shares operations reserve Total
------- ------- -------- ------ ---------- ------- -----
Unaudited
---------
US$ in thousands
----------------
For the nine months ended
September 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
- - (1,910) - - - (1,910) (295) (2,205)
Other comprehensive income
- - - - (699) 3,164 2,465 - 2,465
--- --- --- --- ---- ----- ----- --- -----
Total comprehensive income
- - (1,910) - (699) 3,164 555 (295) 260
Own shares acquired - - - (11) - - (11) - (11)
Cost of share-based payments
- 1 - - - - 1 - 1
Dividend distribution - - (2,404) - - - (2,404) - (2.404)
--- --- ------ --- --- --- ------ --- ------
Balance as at
September 30, 2016 26,597 77,724 2,886 (1,983) 115 (12,865) 92,474 (563) 91,911
====== ====== ===== ====== === ======= ====== ==== ======
Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Interim Statements of Changes in Equity (cont'd)
----------------------------------------------------------------------
Attributable to owners of the Company Non- controlling Total
-------------------------------------
interests Equity
--------- ------
Translation
Reserve Presentation
From currency
Share Share Retained Treasury Foreign translation
capital premium earnings shares operations reserve Total
------- ------- -------- ------ ---------- ------- -----
Unaudited
---------
US$ in thousands
----------------
For the three months ended
September 30, 2016
Balance as at
June 30, 2016 26,597 77,724 3,320 (1,980) 547 (14,011) 92,197 (463) 91,734
Loss for the period
- - (434) - - - (434) (100) (534)
Other comprehensive income - - - - (432) 1,146 714 - 714
Total comprehensive income - - (434) - (432) 1,146 280 (100) 180
Own shares acquired - - - (3) - - (3) - (3)
--- --- --- --- --- --- --- --- ---
Balance as at
September 30, 2016 26,597 77,724 2,886 (1,983) 115 (12,865) 92,474 (563) 91,911
====== ====== ===== ====== === ======= ====== ==== ======
Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Interim Statements of Cash Flow
------------------------------------------------------
For the nine For the three
months ended months ended
September 30, September 30,
------------- --------------
2017 2016 2017 2016
---- ---- ---- ----
Unaudited
---------
US$ in thousands
----------------
Cash flows from operating activities
Loss for the
period (3,639) (2,205) 1,544 (534)
Adjustments for:
----------------
Financing
expenses, net 6,820 4,522 1,294 1,767
Depreciation 3,677 3,654 1,299 1,136
Share-based
payment 4 1 2 -
Share of loss
(profits) of
equity
accounted
investees (1,878) (1,097) (1,945) (785)
Payment of
interest on
loan from an
equity
accounted
investee 489 5,134 489 5,134
Change in trade
receivables and
other
receivables 2,521 (976) 2,555 112
Change in other
assets (1,986) (537) (1,965) (424)
Change in
accrued
severance pay,
net 3 - 2 -
Change in trade
payables 104 122 (27) (2)
Change in
accrued
expenses and
other payables (1,890) 66 (360) 581
Income tax
expense 1,171 568 446 259
Interest
received 400 176 156 32
Interest paid (1,916) (1,921) (276) (326)
------ ------ ---- ----
Net cash from
operating
activities 3,880 7,507 3,214 6,950
===== ===== ===== =====
Cash flows from investing activities
Acquisition of
fixed assets (7,124) - (2,673) -
Advances on
account of
investments (9,815) (2,039) - (1,893)
Investment in
equity
accounted
investee - (803) - -
Repayment of
loan from an
equity
accounted
investee - 2,638 - 2,638
Decrease
(increase) in
restricted
cash, net 3,387 (812) - (812)
Proceeds from
marketable
securities 1,468 2,011 1,468 1,003
Acquisition of
marketable
securities (7,017) (1,022) - (1,022)
Settlement of
derivatives,
net (2,180) - - -
Proceeds of
Forward
contract 2,128 - 2,128 -
Loans to others (390) - - -
---- --- --- ---
Net cash from
(used in)
investing
activities (19,543) (27) 923 (86)
======= === === ===
Cash flows from financing activities
Dividend paid - (2,404) - -
Repayment of
long-term
loans and
finance lease
obligations (1,343) (736) (516) (91)
Proceeds from
issuance of
Debentures 33,707 - - -
Proceeds from
long-term and
short term
borrowings 5,927 182 - 92
Repurchase of
own shares (14) (11) - (3)
--- --- --- ---
Net cash from
(used in)
financing
activities 38,277 (2,969) (516) (2)
====== ====== ==== ===
Exchange
differences on
balance of cash
and cash
equivalents 948 456 101 107
Increase in cash
and cash
equivalents 23,562 4,967 3,722 6,969
Cash and cash
equivalents at
the beginning
of the period 23,650 18,717 43,490 16,715
------ ------ ------ ------
Cash and cash
equivalents at
the end of the
period 47,212 23,684 47,212 23,684
====== ====== ====== ======
Ellomay Capital Ltd. and its Subsidiaries
Reconciliation of Net Profit to EBITDA
--------------------------------------
For the nine For the three
months ended months ended
September 30, September 30,
2017 2016 2017 2016
---- ---- ---- ----
Unaudited
---------
US$ in thousands
----------------
Net income (loss) for
the period (3,639) (2,205) 1,544 (534)
Financing expenses, net 6,820 4,522 1,294 1,767
Taxes on income 1,171 568 446 259
Depreciation 3,677 3,654 1,299 1,136
------------ ----- ----- ----- -----
EBITDA 8,029 6,539 4,583 2,628
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SOURCE Ellomay Capital Ltd
