Ellomay Capital Reports Results for the Three and Six Months Ended June 30, 2018
TEL AVIV, Israel, Sept. 25, 2018 /PRNewswire/ -- Ellomay Capital Ltd. (NYSE American: ELLO) (TASE: ELLO) ("Ellomay" or the "Company"), a renewable energy and power generator and developer of renewable energy and power projects in Europe and Israel, today reported its unaudited financial results for the three and six months ended June 30, 2018.
Financial Highlights
-- Revenues were approximately EUR8.2 million for the six months ended June
30, 2018, compared to approximately EUR6.8 million for the six months
ended June 30, 2017. The increase in revenues for the first half of 2018
reflects the commencement of operations at the Company's two
waste-to-energy projects in the Netherlands and the results of the
Talmei Yosef project, acquired in October 2017, partially offset by
lower revenues in Italy due to relatively lower radiation levels
compared to the first half of 2017.
-- Operating expenses were approximately EUR2.6 million for the six months
ended June 30, 2018, compared to approximately EUR0.9 million for the
six months ended June 30, 2017. The increase in operating expenses is
mainly attributable to additional operating expenses resulting from the
commencement of operations at the Company's two waste-to-energy projects
in the Netherlands and from the Talmei Yosef project. Depreciation
expenses were approximately EUR2.8 million for the six months ended June
30, 2018, compared to approximately EUR2.2 million for the six months
ended June 30, 2017.
-- Project development costs were approximately EUR1.8 million for the six
months ended June 30, 2018, compared to approximately EUR1.4 million for
the six months ended June 30, 2017. The increase in project development
costs is mainly attributable to consultancy expenses in connection with
the Talasol Project.
-- General and administrative expenses were approximately EUR2 million for
the six months ended June 30, 2018, compared to approximately EUR1.2
million for the six months ended June 30, 2017. The increase in general
and administrative expenses resulted mainly from payment of
approximately EUR0.4 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 Company's
two waste-to-energy projects in the Netherlands and from the Talmei
Yosef project.
-- The Company's share of profits of equity accounted investee, after
elimination of intercompany transactions, was approximately EUR0.5
million for the six months ended June 30, 2018, compared to a loss of
approximately EUR0.07 million in the six months ended June 30, 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 lower financing expenses incurred by
Dorad for the six months ended June 30, 2018 as a result of the CPI
indexation of loans from banks and related parties.
-- Financing expenses, net was approximately EUR0.9 million for the six
months ended June 30, 2018, compared to approximately EUR5.8 million for
the six months ended June 30, 2017. The decrease in financing expenses
was mainly due to: (i) a profit of approximately EUR0.3 million for the
six months ended June 30, 2018 in connection with the reevaluation of
derivatives, compared to a loss of approximately EUR1.6 million for the
six months ended June 30, 2017, and (ii) income in connection with
exchange rate differences amounting to approximately EUR0.7 million in
the six months ended June 30, 2018, mainly in connection with the
Company's NIS denominated Debentures and the loan to an equity accounted
investee, caused by the 2.5% revaluation of the euro against the NIS
during this period, compared to expenses in connection with the exchange
rate differences amounting to approximately EUR2.8 million caused by the
1.4% devaluation of the euro against the NIS during the six months ended
June 30, 2017.
-- Tax benefit was approximately EUR0.2 million for the six months ended
June 30, 2018, compared to taxes on income of approximately EUR0.6
million for the six months ended June 30, 2017. The tax benefit for the
six months ended June 30, 2018 resulted mainly from deferred tax income
included in connection with the application of a tax incentive in the
Netherlands claimable upon filing the relevant tax return by reducing
the amount of taxable profit.
-- Net loss was approximately EUR1.1 million for the six months ended June
30, 2018, compared to approximately EUR5.4 million for the six months
ended June 30, 2017.
-- Total other comprehensive loss was approximately EUR1 million for the
six months ended June 30, 2018, compared to a profit of approximately
EUR0.7 million for the six months ended June 30, 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 EUR2.2 million for the six
months ended June 30, 2018, compared to approximately EUR4.7 million for
the six months ended June 30, 2017.
-- EBITDA was approximately EUR2.4 million for the six months ended June
30, 2018, compared to approximately EUR3.2 million for the six months
ended June 30, 2017.
-- Net cash from operating activities was approximately EUR2.3 million for
the six months ended June 30, 2018, compared to approximately EUR0.6
million for the six months ended June 30, 2017. The increase in net cash
from operating activities is mainly from an interest payment received
during 2018 on a loan to an equity accounted investee and from increased
cash flow resulting from the commencement of operations of a
waste-to-energy project in the Netherlands and Talmei Yosef project.
-- In May 2018, the Company entered into a EUR35.9 million project finance
Facility Agreement (the "Facility Agreement"). The Facility Agreement
was executed among several of the Company's Italian subsidiaries (the
"Subsidiaries") and Mediocredito Italiano S.p.A and Intesa Sanpaolo
S.p.A. (as account bank). The euro 35.9 million principal amount is
divided into: (i) term loan facilities in the aggregate amount of euro
33.7 million with terms ending in May 2028, and (ii) revolving
facilities, aimed to cover financial needs for the debt service coverage
in case of liquidity shortfall, in the aggregate amount of euro 2.2
million with terms ending in November 2027. The loans provided under the
Facility Agreement bear an annual interest rate equal to the Euribor 6
month rate plus a margin of 185 basis points. The Subsidiaries entered
into the swap agreements on May 29, 2018 with respect to approximately
Euro 25 million (with a decreasing notional principal amount based on
the amortization table) until May 2028, replacing the Euribor 6 month
rate with a fixed interest rate of 0.71%, resulting in a fixed interest
rate of 2.56%. The Subsidiaries partially used the funds borrowed under
the Facility Agreement to repay outstanding loans and leasing agreements
in the aggregate amount of approximately EUR13.2 million.
-- As of September 1, 2018, the Company held approximately EUR47.5 million
in cash and cash equivalents, approximately EUR2.2 million in marketable
securities and approximately EUR5.4 million in restricted short-term and
long-term cash and marketable securities.
Ran Fridrich, CEO and a board member of Ellomay commented: "The results for the first half of 2018 meet our expectations and reflect a strong cash flow from operating activities and an increase in revenues. We expect that the commencement of operations of the projects that are currently in the development stage - Talasol in Spain and the pumped storage project in the Manara Cliff, as well as other projects - will in the future bring about substantial increase in the Ellomay's revenues and profit."
Information for the Company's Series A and Series B Debenture Holders
As of June 30, 2018, the Company's Net Financial Debt (as such term is defined in the Deeds of Trust of the Company's Debentures) was approximately EUR17.1 million (consisting of approximately EUR73.4 million of short-term and long-term debt from banks and other interest bearing financial obligations and approximately EUR56.4 million in connection with the Series A Debentures issuances (in January and September 2014) and the Series B Debentures issuance (in March 2017), net of approximately EUR47.8 million of cash and cash equivalents and marketable securities and net of approximately EUR64.9 million of projectfinance and related hedging transactions of the Company's subsidiaries).
Use of NON-IFRS Financial Measures
EBITDA is a non-IFRS measure and is defined as earnings before financial expenses, net, taxes, depreciation and amortization. The Company presents this measure in order to enhance the understanding of the Company's historical financial performance and to enable comparability between periods. While the Company considers EBITDA to be an important measure of comparative operating performance, EBITDA should not be considered in isolation or as a substitute for net income or other statement of operations or cash flow data prepared in accordance with IFRS as a measure of profitability or liquidity. EBITDA does not take into account the Company's commitments, including capital expenditures, and restricted cash and, accordingly, is not necessarily indicative of amounts that may be available for discretionary uses. Not all companies calculate EBITDA in the same manner, and the measure as presented may not be comparable to similarly-titled measures presented by other companies. The Company's EBITDA may not be indicative of the historic operating results of the Company; nor is it meant to be predictive of potential future results. A reconciliation between results on an IFRS and non-IFRS basis is provided in the last table of this press release.
About Ellomay Capital Ltd.
Ellomay is an Israeli based company whose shares are registered with the NYSE American and with the Tel Aviv Stock Exchange under the trading symbol "ELLO". Since 2009, Ellomay Capital focuses its business in the renewable energy and power sectors in Europe and Israel.
To date, Ellomay has evaluated numerous opportunities and invested significant funds in the renewable, clean energy and natural resources industries in Israel, Italy and Spain, including:
-- 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 the Company's facilities (such as waste and natural gas), changes in demand and technical and other disruptions in the operations or construction of the power plants owned by the Company. These and other risks and uncertainties associated with the Company's business are described in greater detail in the filings the Company makes from time to time with Securities and Exchange Commission, including its Annual Report on Form 20-F. The forward-looking statements are made as of this date and the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Statements of Financial Position
---
December 31, June 30,
June 30,
2017 2018 2018
Audited Unaudited
Unaudited
Note EUR in thousands Convenience Translation
into US$ in thousands
---
Assets
Current assets
Cash and cash equivalents 23,962 45,610 53,171
Marketable securities 2,162 2,238 2,609
Restricted cash and marketable securities 3,265 3,346 3,901
Receivable from concession project 1,286 1,263 1,472
Financial assets 1,249 1,293 1,507
Trade and other receivables 5 10,645 10,653 12,419
42,569 64,403 75,079
Non-current assets
Investment in equity accounted investee 6 27,655 26,780 31,220
Advances on account of investments 6 8,825 8,805 10,265
Receivable from concession project 27,725 26,685 31,109
Fixed assets 78,837 79,374 92,533
Intangible asset 5,505 5,077 5,919
Restricted cash and deposits 3,660 2,005 2,337
Deferred tax 1,777 2,314 2,698
Long term receivables 5 1,535 1,305 1,521
155,519 152,345 177,602
Total assets 198,088 216,748 252,681
Liabilities and Equity
Current liabilities
Current maturities of long term loans 3,103 5,196 6,057
Debentures 4,644 4,541 5,294
Trade payables 1,349 1,677 1,955
Other payables 2,187 2,964 3,455
11,283 14,378 16,761
Non-current liabilities
Finance lease obligations 3,690
Long-term loans 42,091 63,676 74,232
Debentures 52,987 51,814 60,404
Deferred tax 5,982 6,022 7,020
Other long-term liabilities 4,555 5,535 6,453
109,305 127,047 148,109
Total liabilities 120,588 141,425 164,870
Equity
Share capital 19,980 19,980 23,292
Share premium 58,339 58,341 68,013
Treasury shares (1,736) (1,736) (2,024)
Reserves 2,357 1,289 1,503
Accumulated deficit (299) (1,197) (1,395)
Total equity attributed to shareholders of the Company 78,641 76,677 89,389
Non-Controlling Interest (1,141) (1,354) (1,578)
Total equity 77,500 75,323 87,811
Total liabilities and equity 198,088 216,748 252,681
* Convenience translation into US$ (exchange rate as at June 30, 2018: euro 1 = US$ 1.166)
Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (in thousands, except per share data)
---
For the year ended For the three For the six
months months For the six months
December 31, ended June 30, ended June 30 ended June 30,
2017 2017 2018 2017 2018 2018
---
Audited Unaudited Unaudited
Unaudited
Convenience
EUR in thousands EUR in thousands EUR in thousands Translation into US$*
Revenues 13,636 4,245 5,119 6,768 8,151 9,502
Operating expenses (2,549) (359) (1,710) (863) (2,610) (3,043)
Depreciation expenses (4.518) (1,101) (1,409) (2,198) (2,767) (3,226)
---
Gross profit 6,569 2,785 2,000 3,707 2,774 3,233
Project development costs
**(2,739)
**(762) (975)
**(1,431) (1,771) (2,065)
General and administrative expenses
**(2,420)
**(620) (792)
**(1,210) (1,977) (2,305)
Share of profits of equity accounted
investee 1,531 (857) (662) (73) 501 584
Other income, net 18 4 69 9 73 85
---
Operating profit (loss) 2,959 550 (360) 1,002 (400) (468)
Financing income 1,333 203 475 291 1,588 1,851
Financing expenses in connection with
derivatives and other assets, net (3,156) (1,590) 737 (1,590) 285 332
Financing expenses (7,405) (2,360) (1,769) (4,463) (2,789) (3,251)
---
Financing expenses, net (9,228) (3,747) (557) (5,762) (916) (1,068)
---
Loss before taxes on income (6,269) (3,197) (917) (4,760) (1,316) (1,536)
Taxes on income (372) (533) 193 (649) 182 212
---
Loss for the period (6,641) (3,730) (724) (5,409) (1,134) (1,324)
---
Loss attributable to:
Owners of the Company (6,115) (3,615) (642) (5,166) (898) (1,048)
Non-controlling interests (526) (115) (82) (243) (236) (276)
---
Loss for the period (6,641) (3,730) (724) (5,409) (1,134) (1,324)
---
Other comprehensive income (loss) items that after
initial recognition in comprehensive income (loss)
were or will be transferred to profit or loss:
Foreign currency translation
differences for foreign operations (359) (456) 499 214 (799) (931)
Effective portion of change in fair
value of cash flow hedges (1,244) (126) 202 (126) (724) (844)
Net change in fair value of cash flow hedges transferred to
profit or loss
1,382 618 (277) 618 478 557
Total other comprehensive income
(loss) (221) 706 (1,045) (1,218)
36 424
Total comprehensive loss for the
period (6,862) (3,694) (301) (4,703) (2,179) (2,542)
===
Basic net loss per share (0.57) (0.31) (0.06) (0.49) (0.08) (0.1)
===
Diluted net loss per share (0.57) (0.31) (0.06) (0.49) (0.08) (0.1)
===
* Convenience translation into US$ (exchange rate as at June 30, 2018: euro 1 = US$ 1.166)
** The Company changed the income statement classification of expenses related to project development from general and administrative expenses to project development costs to reflect more
appropriately their nature and the way in which economic benefits are expected to be derived from the use of such costs. Comparative amounts were reclassified for consistency.
Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Statements of Changes in Equity (in thousands)
---
Attributable to shareholders of the Company
Non-
Total
controlling
Interests
Equity
Translation
Share Share Retained Treasury reserve
earnings
(accumulated from
foreign
capital premium deficit) shares Operations H
edging Total
Reserve
For the six month ended EUR
in thousands
June 30,
2018 (unaudited):
January 1, 2018 19,980 58,339 (299) (1,736) 2,219 138 78,641 (1,141) 77,500
Loss for the year - (898) (898) (236) (1,134)
Other comprehensive loss - (822) (246) (1,068) 23 (1,045)
for the year
---
Total comprehensive loss - (898) (822) (246) (1,966) (213) (2,179)
for the year
Transactions with owners of
the Company, recognized
directly in equity:
Share-based payments - 2 2 2
---
Balance as at
June 30, 2018 19,980 58,341 (1,197) (1,736) 1,397 (108) 76,677 (1,354) 75,323
Attributable to shareholders of the Company
Non-
Total
controlling
Interests
Equity
Translation
Share Share Retained Treasury reserve
earnings
(accumulated from
foreign
capital premium deficit) shares Operations H
edging Total
Reserve
US$
in thousands*
---
For the six month ended
June 30,
2018 (unaudited):
January 1, 2018 23,292 68,010 (347) (2,024) 2,587 161 91,679 (1,329) 90,350
Loss for the year (1,048) (1,048) (276) (1,324)
Other comprehensive loss (958) (287) (1,245) 27 (1,218)
for the year
Total comprehensive loss (1,048) (958) (287) (2,293) (249) (2,542)
for the year
Transactions with owners of
the Company, recognized
directly in equity:
Share-based payments 3 3 3
Balance as at
June 30, 2018 23,292 68,013 (1,395) (2,024) 1,629 (126) 89,389 (1,578) 87,811
Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Interim Statements of Changes in Equity (in thousands) (cont'd)
---
Attributable to shareholders of the Company
Non-
Total
controlling
Interests
Equity
Translation
Share Share Retained Treasury reserve Hedging
earnings
(accumulated from
foreign
capital premium deficit) shares Operations Reserve Total
EUR
in thousands
---
For the year ended
December 31, 2017
(audited):
Balance as at
January 1, 2017 19,980 58,334 5,816 (1,722) 2,664 85,072 (701) 84,371
Loss for the year - (6,115) (6,115) (526) (6,641)
Other comprehensive loss - (445) 138 (307) 86 (221)
for the year
---
Total comprehensive loss - (6,115) (445) 138 (6,422) (440) (6,862)
for the year
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
Attributable to shareholders of the Company
Non-
Total
controlling
Interests
Equity
Translation
Share Share Retained Treasury reserve Hedging
earnings
(accumulated from
foreign
capital premium deficit) shares Operations Reserve Total
EUR
in thousands
---
For the six month ended
June 30,
2017 (unaudited):
Balance as at
January 1, 2017 19,980 58,334 5,816 (1,722) 2,664 85,072 (701) 84,371
Loss for the period (5,166) (5,166) (243) (5,409)
Other comprehensive loss - 222 492 714 (8) 706
for the period
---
Total comprehensive loss (5,166) 222 492 (4,452) (251) (4,703)
for the period
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 19,980 58,336 650 (1,736) 2,886 492 80,608 (952) 79,656
Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Interim Statements of Cash Flow (in thousands)
---
For the year
For the three
For the three
For the six
For the six
For the six
ended December months ended months ended months ended months ended months ended
31, 2017 June 30, 2017 June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2018
---
Audited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
---
EUR
in thousands Convenience Translation
into US$*
---
Cash flows from operating activities
Loss for the period (6,641) (3,730) (725) (5,409) (1,134) (1,324)
Adjustments for
:
---
Financing expenses, net 9,228 3,747 557 5,762 916 1,068
Depreciation 4,518 1,101 1,409 2,198 2,767 3,226
Share-based payment transactions 5 2 1 2 2 3
Share of profits of equity accounted investees (1,531) 857 662 73 (501) (584)
Payment of interest on loan from an equity accounted investee 407 1,176 1,371
Change in trade receivables and other receivables 2,012 377 (525) 299 156 182
Change in other assets 126 440 (536) 804 135 157
Change in receivables from concessions project (84) 372 622 725
Change in accrued severance pay, net 2 17 1 17 20
Change in trade payables (258) (542) (21) (215) 328 382
Change in other payables (2,655) (2,748) 113 (2,282) (310) (361)
Taxes on income 372 533 (193) 649 (182) (212)
Income taxes paid (42) (15) (16) (19)
Interest received 505 137 493 225 888 1,035
Interest paid (3,659) (1,359) (2,215) (1,514) (2,597) (3,028)
Net cash provided by operating activities 2,305 (1,185) 606 593 2,267 2,641
Cash flows from investing activities
Acquisition of fixed assets (7,576) (2,752) (1,494) (4,116) (2,606) (3,038)
Acquisition of subsidiary, net of cash acquired (9,851) -
Advances on account of investments (8,000) (8,942) (8,978) -
Repayment of loan to an equity accounted investee - 490 571
Acquisition of marketable securities (6,677) (4,711) (6,677) -
Proceeds from marketable securities 1,277 -
Decrease in restricted cash, net 3,225 (103) 1,525 3,226 1,604 1,870
Proceeds of Forward contract - 407 407 474
Settlement of derivatives, net 620 (199) (2,027) (184) (215)
Loans to others (361) (361) (361) -
Net cash used in investing activities (27,343) (16,869) 239 (18,933) (289) (338)
Cash flows from financing activities
Repayment of long-term loans and finance lease obligations (2,224) (664) (14,550) (746) (14,727) (17,168)
Proceeds from issuance of debentures, net 31,175 31,175 -
Repayment of Debentures (4,842) -
Proceeds from long-term loans 5,575 3,450 34,461 5,419 34,501 40,221
Repurchase of own shares (14) (1) (14) -
Net cash provided by (used in) financing activities 29,670 2,785 19,911 35,834 19,774 23,053
Effect of exchange rate fluctuations on cash and cash equivalents (3,156) (1,689) 97 (1,836) (104) (119)
Increase in cash and cash equivalents 1,476 (16,958) 19,641 15,658 21,648 25,237
Cash and cash equivalents at the beginning of the period 22,486 55,102 25,969 22,486 23,962 27,934
Cash and cash equivalents at the end of the period 23,962 38,144 45,610 38,144 45,610 53,171
* Convenience translation into US$ (exchange rate as at June 30, 2018: euro 1 = US$ 1.166)
Ellomay Capital Ltd. and its Subsidiaries
Reconciliation of Loss to EBITDA (in thousands)
---
For the year For the three For the six
months months
For the six
ended ended June 30, ended June 30, months ended
December 31, June 30,
2017 2017 2018 2017 2018 2018
---
Unaudited
EUR
in thousands
Convenience
Translation into
US$*
---
Net loss for the
period (6,641) (3,730) (725) (5,409) (1,134) (1,324)
Financing expenses,
net 9,228 3,747 557 5,762 916 1,068
Taxes on income 372 533 (193) 649 (182) (212)
Depreciation 4,518 1,101 1,409 2,198 2,767 3,226
--- ---
EBITDA 7,477 1,651 1,048 (3,200) 2,367 2,758
* Convenience translation into US$ (exchange rate as at June 30, 2018: euro 1 = US$ 1.166)
Contact:
Kalia Weintraub
CFO
Tel: +972-(3)-797-1111
Email: kaliaw@ellomay.com
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SOURCE Ellomay Capital Ltd.
