Ellomay Capital Reports Results for the Three and Nine Months Ended September 30, 2018

TEL AVIV, Israel, Dec. 28, 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 nine months ended September 30, 2018.

Financial Highlights

    --  Revenues were approximately EUR13.9 million for the nine months ended
        September 30, 2018, compared to approximately EUR10.8 million for the
        nine months ended September 30, 2017. The increase in revenues reflects
        the commencement of operations of the Company's two waste-to-energy
        projects in the Netherlands (one in November 2017 and the other in June
        2018) and the results of the photovoltaic site in Talmei Yosef, Israel
        (the "Talmei Yosef Project"), acquired in October 2017, partially offset
        by lower revenues in Italy due to relatively lower radiation levels
        compared to 2017.
    --  Operating expenses were approximately EUR4.6 million for the nine months
        ended September 30, 2018, compared to approximately EUR1.7 million for
        the nine months ended September 30, 2017. Depreciation expenses were
        approximately EUR4.4 million for the nine months ended September 30,
        2018, compared to approximately EUR3.3 million for the nine months ended
        September 30, 2017. The increase in operating expenses and in
        depreciation expenses is mainly attributable to additional expenses
        resulting from the commencement of operations at the Company's two
        waste-to-energy projects in the Netherlands and in connection with the
        Talmei Yosef Project.
    --  Project development costs were approximately EUR2.6 million for the nine
        months ended September 30, 2018, compared to approximately EUR1.7
        million for the nine months ended September 30, 2017. The increase in
        project development costs is mainly attributable to consultancy expenses
        in connection with the development of the project to construct a
        photovoltaic plant with a peak capacity of 300 MW in the municipality of
        Talaván, Cáceres, Spain (the "Talasol Project").
    --  General and administrative expenses were approximately EUR2.8 million
        for the nine months ended September 30, 2018, compared to approximately
        EUR1.9 million for the nine months ended September 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 in connection with the commencement of operations of
        the Company's two waste-to-energy projects in the Netherlands and with
        the Talmei Yosef Project.
    --  The Company's share of profits of equity accounted investee, after
        elimination of intercompany transactions, was approximately EUR2.2
        million for the nine months ended September 30, 2018, compared to
        approximately EUR1.6 million in the nine months ended September 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 Energy Ltd. ("Dorad") due to increased production and lower
        financing expenses incurred by Dorad for the nine months ended September
        30, 2018 as a result of the CPI indexation of loans from banks and
        related parties.
    --  Financing expenses, net was approximately EUR1.8 million for the nine
        months ended September 30, 2018, compared to approximately EUR6.9
        million for the nine months ended September 30, 2017. The decrease in
        financing expenses was mainly due to: (i) a profit of approximately
        EUR0.3 million for the nine months ended September 30, 2018 in
        connection with the reevaluation of derivatives, compared to a loss of
        approximately EUR2.8 million for the nine months ended September 30,
        2017, and (ii) income in connection with exchange rate differences
        amounting to approximately EUR0.4 million in the nine months ended
        September 30, 2018, compared to expenses in connection with the exchange
        rate differences amounting to approximately EUR2 million. The change
        from exchange rate differences was mainly in connection with the
        Company's NIS denominated Debentures and the loan to an equity accounted
        investee, as a result of fluctuations in the euro/NIS exchange rates.
    --  Taxes on income was approximately EUR0.1 million for the nine months
        ended September 30, 2018, compared to approximately EUR1.1 million for
        the nine months ended September 30, 2017. The decrease 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 EUR0.1 million for the nine months ended
        September 30, 2018, compared to approximately EUR4.2 million for the
        nine months ended September 30, 2017.
    --  Total other comprehensive loss was approximately EUR0.8 million for the
        nine months ended September 30, 2018, compared to a profit of
        approximately EUR0.2 million for the nine months ended September 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 EUR0.9 million for the nine
        months ended September 30, 2018, compared to approximately EUR4 million
        for the nine months ended September 30, 2017.
    --  BITDA was approximately EUR6.2 million for the nine months ended
        September 30, 2018, compared to approximately EUR7.1 million for the
        nine months ended September 30, 2017.
    --  Net cash from operating activities was approximately EUR4.6 million for
        the nine months ended September 30, 2018, compared to approximately
        EUR3.5 million for the nine months ended September 30, 2017. The
        increase in net cash from operating activities is mainly due to an
        interest payment received during 2018 on a loan to an equity accounted
        investee and to an increase in cash flow resulting from the commencement
        of operations of a waste-to-energy projects in the Netherlands and from
        the Talmei Yosef Project.
    --  As of December 1, 2018, the Company held approximately EUR46.7 million
        in cash and cash equivalents, approximately EUR2.2 million in marketable
        securities and approximately EUR5.2 million in restricted short-term and
        long-term cash.

Ran Fridrich, CEO and a board member of Ellomay commented: "We are concluding nine months that reflect the continued growth of the company with a substantial increase in revenues, resulting mainly from the commencement of operations of two waste-to-energy projects in the Netherlands and the revenues of the Talmei Yosef photovoltaic site. We are continuing with the development of the Talasol project (a 300 MW photovoltaic site in Spain) and the Manara project (a 156 MW pumped storage site in the Manara Cliff, Israel) and the aggregate development costs were approximately euro 2.6 million during January-September 2018, an increase of approximately 53% compared to the same period in 2017. These expenditures are expected to yield an increase in the company's revenues and to strengthen its position in the renewable energy market."

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

As of September 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 EUR15.3 million (consisting of approximately EUR72.6 million of short-term and long-term debt from banks and other interest bearing financial obligations and approximately EUR56.9 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 EUR49.5 million of cash and cash equivalents and marketable securities and net of approximately EUR64.7 million of project finance and related hedging transactions of the Company's subsidiaries).

Use of NON-IFRS Financial Measures

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

About Ellomay Capital Ltd.

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

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

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

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 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,          
            
              September 30,          
            
              September 30,


                                                                               2017                                           2018                                    2018



                                                   
            
              Audited               
            
              Unaudited              
            
              Unaudited



                                                                                                          Convenience Translation
                                                                                                 into US$ in thousands
                                                                  EUR in thousands




       
              Assets


                   Current assets


        Cash and cash equivalents                                            23,962                                         47,386                                  55,076


        Marketable securities                                                 2,162                                          2,143                                   2,491


        Restricted cash and
         marketable securities                                                3,265                                          3,410                                   3,963


        Receivable from concession
         project                                                              1,286                                          1,314                                   1,527



       Financial assets                                                      1,249                                          1,305                                   1,517


        Trade and other receivables                                          10,645                                         11,367                                  13,212



                                                                             42,569                                         66,925                                  77,786



                   Non-current assets


        Investment in equity
         accounted investee                                                  27,655                                         28,581                                  33,219


        Advances on account of
         investments                                                          8,825                                          8,813                                  10,243


        Receivable from concession
         project                                                             27,725                                         26,497                                  30,797



       Fixed assets                                                         78,837                                         77,850                                  90,484



       Intangible asset                                                      5,505                                          5,053                                   5,873


        Restricted cash and
         deposits                                                             3,660                                          2,021                                   2,349



       Deferred tax                                                          1,777                                          2,386                                   2,773


        Long term receivables                                                 1,535                                          1,376                                   1,599



                                                                            155,519                                        152,577                                 177,337



                   Total assets                                             198,088                                        219,502                                 255,123





                   Liabilities and Equity


                   Current liabilities


        Current maturities of long
         term loans                                                           3,103                                          5,467                                   6,354



       Debentures                                                            4,644                                          8,905                                  10,350



       Trade payables                                                        1,349                                          1,640                                   1,907



       Other payables                                                        2,187                                          3,924                                   4,561



                                                                             11,283                                         19,936                                  23,172



                   Non-current liabilities


        Finance lease obligations                                             3,690



       Long-term loans                                                      42,091                                         63,408                                  73,698



       Debentures                                                           52,987                                         48,043                                  55,840



       Deferred tax                                                          5,982                                          6,225                                   7,235


        Other long-term
         liabilities                                                          4,555                                          5,271                                   6,126



                                                                            109,305                                        122,947                                 142,899



                   Total liabilities                                        120,588                                        142,883                                 166,071






       
              Equity



       Share capital                                                        19,980                                         19,980                                  23,222



       Share premium                                                        58,339                                         58,342                                  67,810



       Treasury shares                                                     (1,736)                                       (1,736)                                (2,018)



       Reserves                                                              2,357                                          1,580                                   1,836


        Retained earnings
         (accumulated deficit)                                                (299)                                            85                                      99



        Total equity attributed to
         shareholders of the
         Company                                                             78,641                                         78,251                                  90,949


        Non-Controlling Interest                                            (1,141)                                       (1,632)                                (1,897)



                   Total equity                                              77,500                                         76,619                                  89,052



                   Total liabilities and
                    equity                                                  198,088                                        219,502                                 255,123




       * Convenience translation into US$ (exchange rate as at September 30, 2018: euro 1 = US$ 1.162)



                                                                                                                                                                         
     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 nine
                                                                                                                                              months                                            months                              
              For the nine months
                                                                                             December 31,                           ended  September                                  ended  September
                                                                                                                                          30,                                                 30                                           ended September 30,


                                                                                          2017        2017        2018                                              2017                                                       2018                                 2018

                                                                                                                                                                                                                                                                ---

                                                                                        
              Audited                                     Unaudited                                         Unaudited                                            Unaudited

                                                                                                                                                                                                                                                            ---

                                                                                                                                                                                                                                    
              Convenience
                                                                                                                                                                                                                                    Translation into US$*
                                                                                                                       EUR                                   EUR                                                       EUR
                                                                                                                        
      in thousands
                                                                                                                                                                   in                                                        in
                                                                                                                                                         thousands                                                thousands

                                                                                                                                                                                                                                                            ---


              Revenues                                                                 13,636       4,001       5,720                                            10,769                                                     13,871                               16,122


               Operating expenses                                                      (2,549)      (793)    (1,963)                                          (1,656)                                                   (4,573)                             (5,315)


               Depreciation expenses                                                   (4.518)    (1,107)    (1,597)                                          (3,305)                                                   (4,364)                             (5,072)

                                                                                                                                                                                                                                                                ---

                            Gross profit                                                 6,569       2,101       2,160                                             5,808                                                      4,934                                5,735




               Project development costs                                               (2,739)      (307)      (851)                                          (1,738)                                                   (2,622)                             (3,048)


               General and administrative
                expenses                                                               (2,420)      (651)      (785)                                          (1,861)                                                   (2,762)                             (3,210)


               Share of profits of equity
                accounted investee                                                       1,531       1,658       1,713                                             1,585                                                      2,214                                2,573


               Other income, net                                                            18           5                                                           14                                                         73                                   85



                            Operating profit                                             2,959       2,806       2,237                                             3,808                                                      1,837                                2,135





              Financing income                                                          1,333         186         518                                               477                                                      1,857                                2,158


               Financing income (expenses)
                in connection with
                derivatives and other
                assets, net                                                            (3,156)    (1,258)         31                                           (2,848)                                                       316                                  367


               Financing expenses                                                      (7,405)       (86)    (1,468)                                          (4,549)                                                   (4,008)                             (4,658)

                                                                                                                                                                                                                                                                ---

               Financing expenses, net                                                 (9,228)    (1,158)      (919)                                          (6,920)                                                   (1,835)                             (2,133)




                            Profit (loss) before taxes
                             on income                                                 (6,269)      1,648       1,318                                           (3,112)                                                         2                                    2





              Taxes on income                                                           (372)      (402)      (302)                                          (1,051)                                                     (120)                               (139)

                                                                                                                                                                                                                                                                ---



                            Profit (loss) for the
                             period                                                    (6,641)      1,246       1,016                                           (4,163)                                                     (118)                               (137)

                                                                                                                                                                                                                                                                ---


              
                Profit (loss) attributable to:


               Owners of the Company                                                   (6,115)      1,269       1,282                                           (3,897)                                                       384                                  446


               Non-controlling interests                                                 (526)       (23)      (266)                                            (266)                                                     (502)                               (583)

                                                                                                                                                                                                                                                                ---

                            Profit (loss) for the
                             period                                                    (6,641)      1,246       1,016                                           (4,163)                                                     (118)                               (137)

                                                                                                                                                                                                                                                                ---

                            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)      (660)        270                                               446                                                      (529)                               (615)




               Effective portion of change
                in fair value of cash flow
                hedges                                                                 (1,244)       (82)        192                                             (208)                                                     (532)                               (618)


               Net change in fair value of cash flow hedges transferred
                to
    profit or loss
                                                                                         1,382         218       (183)                                              836                                                        295                                  343



                            Total other comprehensive
                             income (loss)                                               (221)                                                                    182                                                      (766)                               (890)

                                                                                         (524)        279



                            Total comprehensive income
                             (loss) for the period                                     (6,862)        722       1,295                                           (3,981)                                                     (884)                             (1,027)

                                                                                                                                                                                                                                                                ===



                            Basic net income (loss) per
                             share                                                      (0.57)       0.12        0.12                                            (0.36)                                                      0.04                                 0.04

                                                                                                                                                                                                                                                                ===

                            Diluted net income (loss)
                             per share                                                  (0.57)       0.12        0.12                                            (0.36)                                                      0.04                                 0.04

                                                                                                                                                                                                                                                                ===


              * Convenience translation into US$ (exchange rate as at September 30, 2018: euro 1 = US$ 1.162)


                                                                                                                                                                                                                                                           
     Ellomay Capital Ltd. and its Subsidiaries



              Condensed Consolidated Statements of Changes in Equity (in thousands)

    ---

                                                                                                    
            Attributable to shareholders of the Company                         Non- controlling             
     Total



                                                                                                  
       Interests                               
              Equity





                                                                                                                                                                    Retained                                          Translation reserve
                                                                                                                                            earnings (accumulated
                                                                                      Share                            Share                                                                      Treasury                  from foreign       Hedging


                                                                                     capital                          premium                                         deficit)                     shares                    Operations        Reserve         Total



                                           For the nine month ended                          EUR 
           
                
                
                  
                   in thousands
    September 30,



                                           2018 (unaudited):


                                           January 1, 2018                            19,980                            58,339                                             (299)                     (1,736)                            2,219         138         78,641                       (1,141)    77,500


                                           Profit (loss) for the
                                            period                                         -                                                                               384                                                                                    384                         (502)     (118)


                                           Other comprehensive profit
    (loss) for the period
                                                                                           -                                                                                                                                          (540)      (237)         (777)                           11      (766)

                                                                                                                                                                                                                                                                                                        ---

                                           Total comprehensive profit
    (loss)
                
                for the period
                                                                                           -                                                                               384                                                         (540)      (237)         (393)                        (491)     (884)


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


                                           Share-based payments                            -                                3                                                                                                                                       3                                       3

                                                                                                                                                                                                                                                                                                        ---

                                           Balance as at


                                            September 30, 2018                        19,980                            58,342                                                85                      (1,736)                            1,679        (99)        78,251                       (1,632)    76,619


                                                                                                                             
            Attributable to shareholders of the Company                         Non- controlling             
         Total



                                                                                                                           
       Interests                               
              Equity





                                                                                                                                                                                             Retained                                              Translation
                                                                                                                                                                     earnings (accumulated                                               reserve
                                                                                                               Share                            Share                                                                      Treasury                                  Hedging
                                                                                                                                                                                                                                                   from foreign


                                                                                                              capital                          premium                                         deficit)                     shares                    Operations     Reserve     Total



                                           For the nine month ended                                                   US$ 
           
                
                
                  
                   in thousands*
    September 30,



                                           2018 (unaudited):


                                           January 1, 2018                                                     23,222                            67,806                                             (347)                     (2,018)                         2,579         160     91,402   (1,327)      90,075


                                           Profit (loss) for the
                                            period                                                                  -                                                                               446                                                                             446     (583)       (137)


                                           Other comprehensive profit
    (loss) for the period
                                                                                                                    -                                                                                                                                       (628)      (275)     (903)       13        (890)

                                                                                                                                                                                                                                                                                                        ---

                                           Total comprehensive profit
    (loss) for the period
                                                                                                                    -                                                                               446                                                      (628)      (275)     (457)    (570)     (1,027)


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


                                           Share-based payments                                                     -                                4                                                                                                                                4                     4

                                                                                                                                                                                                                                                                                                        ---

                                           Balance as at


                                            September 30, 2018                                                 23,222                            67,810                                                99                      (2,018)                         1,951       (115)    90,949   (1,897)      89,052




              * Convenience translation into US$ (exchange rate as at September 30, 2018: euro 1 = US$ 1.162)


                                                                                                                                                                                                                                                                     
     Ellomay Capital Ltd. and its Subsidiaries



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

    ---

                                                                                                                     
            Attributable to shareholders of the Company                         Non- controlling             
     Total



                                                                                                                   
       Interests                               
              Equity





                                                                                                                                                                                                                                       Translation


                                                                                                                                                                                     Retained                                             reserve
                                                                                                                                                             earnings (accumulated
                                                                                                       Share                            Share                                                                      Treasury              from foreign    Hedging


                                                                                                      capital                          premium                                         deficit)                     shares                Operations     Reserve         Total



                                           For the three month ended                                          EUR 
           
                
                
                  
                   in thousands
    September 30,



                                           2018 (unaudited):


                                           June 30, 2018                                               19,980                            58,341                                           (1,197)                     (1,736)                     1,397       (108)        76,677                       (1,354)   75,323


                                           Profit (loss) for the
                                            period                                                          -                                                                             1,282                                                                           1,282                         (266)    1,016


                                           Other comprehensive profit
    (loss) for the period
                                                                                                            -                                                                                                                                     282           9            291                          (12)      279

                                                                                                                                                                                                                                                                                                                 ---

                                           Total comprehensive profit
    (loss)
                
                for the period
                                                                                                            -                                                                             1,282                                                    282           9          1,573                         (278)    1,295


                                           Transactions with owners of

                                           the Company,  recognized
    directly in equity:


                                           Share-based payments                                             -                                1                                                                                                                                1                                      1

                                                                                                                                                                                                                                                                                                                 ---

                                           Balance as at


                                            September 30, 2018                                         19,980                            58,342                                                85                      (1,736)                     1,679        (99)        78,251                       (1,632)   76,619


                                                                                                   
           Attributable to shareholders of the Company                                           Non- controlling                 
     Total



                                                                            
     Interests          
       Equity





                                                                                                                                                                                 Translation


                                                                                                                                                                                    reserve

                                                                     Share               Share                    Retained                              Treasury                 from foreign                         Hedging


                                                                    capital             premium                   earnings                               shares                   Operations                          Reserve               Total



                                        For the nine month ended                                         EUR 
                  
                
                
      
              in thousands
    September 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                                                        (3,897)                                                                                                                (3,897)      (266)       (4,163)


                                        Other comprehensive profit
                             (loss) for the period
                                                                                                                                                                                        (473)                             628                  155          27            182



                                        Total comprehensive profit
    (loss) for the period
                                                                                                                   (3,897)                                                              (473)                             628              (3,742)      (239)       (3,981)


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


                                        Share-based payments                                  3                                                                                                                                                  3                         3


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



                                        Balance as at


                                         September 30, 2017          19,980               58,337                       1,919                                (1,736)                        2,191                              628               81,319       (940)        80,379


                                                                                                                                                                                                                                                                                     
          Ellomay Capital Ltd. and its Subsidiaries



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

    ---

                                                                                                                       
     Attributable to shareholders of the Company                                       Non- controlling          
          Total



                                                                          
              Interests                
     Equity





                                                                                                                                                                                            Translation


                                                                                                                                                                                              reserve

                                                                                                       Share                      Share                                    Retained           Treasury                      from foreign          Hedging


                                                                                                      capital                    premium                                   earnings            shares                        Operations           Reserve     Total



                                           For the three month ended                                                                                                 EUR 
                
     
     
       
                in thousands
    September 30,



                                           2017 (unaudited):


                                           Balance as at


                                           June 30, 2017                                               19,980                      58,336                                         650              (1,736)                            2,886               492     80,608    (952)    79,656


                                           Profit (loss) for the
                                            period                                                                                                                            1,269                                                                            1,269     (23)     1,246


                                           Other comprehensive profit
    (loss) for the period
                                                                                                                                                                                                                                   (695)              136      (559)      35      (524)



                                           Total comprehensive profit
    (loss) for the period
                                                                                                                                                                              1,269                                                 (695)              136        710       12        722


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


                                           Share-based payments                                                                        1                                                                                                                           1                  1



                                           Balance as at


                                            September 30, 2017                                         19,980                      58,337                                       1,919              (1,736)                            2,191               628     81,319    (940)    80,379


                                                                                 
       Attributable to shareholders of the Company                        Non- controlling          
      Total



                                                                 
         Interests                      
              Equity





                                                                                                                                                                                           Translation


                                                                                                                                             Retained                                         reserve
                                                                                                                    earnings (accumulated
                                                          Share                              Share                                                                       Treasury          from foreign    Hedging


                                                         capital                            premium                                          deficit)                     shares            Operations     Reserve      Total



                             For the year ended                    EUR 
               
            
                
                  
                    in thousands

                                                                                                                                              ---

                             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 profit
    (loss) for the year
                                                                                                                                                                                                  (445)        138       (307)        86         (221)



                             Total comprehensive profit
    (loss) for the year
                                                                                                                                              (6,115)                                             (445)        138     (6,422)     (440)      (6,862)


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


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


                             Share-based payments                                                 5                                                                                                                          5                       5



                             Balance as at


                              December 31, 2017           19,980                              58,339                                              (299)                     (1,736)                 2,219         138      78,641    (1,141)       77,500


                                                                                                                                                                                                                                                      
            Ellomay Capital Ltd. and its Subsidiaries



       Condensed Consolidated Interim Statements of Cash Flow (in thousands)

    ---

                                                                                 For the year ended     
              For the three              
              For the three                      
              For the nine              
              For the nine                          
              For the nine
                                                                      December 31, 2017                       months ended                          months ended                                 months ended                         months ended                                     months ended
                                                                                                         September 30, 2017                    September 30, 2018                           September 30, 2017                   September 30, 2018                                  September 30,
                                                                                                                                                                                                                                                                                                             2018

                                                                                                                                                                                                                                                                                                                ---

                                                                                              Audited                              Unaudited                             Unaudited                                  Unaudited                            Unaudited                                        Unaudited

                                                                                                                                                                                                                                                                                                                ---

                                                                                                                                                               Convenience Translation
                                                                                                                                                   into US$*


                                                                                                                      EUR
                                                                                                                        in thousands

                                                                                                                                                                                    ---

                     Cash flows from operating activities


        Profit (loss) for
         the period                                                                           (6,641)                                  1,246                                         1,016                              (4,163)                                (118)                                            (137)


                                    Adjustments for
                :

    ---

        Financing
         expenses, net                                                                          9,228                                   1,158                                           919                                6,920                                 1,835                                             2,133


        Depreciation                                                                            4,518                                   1,107                                         1,597                                3,305                                 4,364                                             5,072


        Share-based
         payment
         transactions                                                                               5                                       1                                             1                                    3                                     3                                                 4


        Share of profits
         of equity
         accounted
         investees                                                                            (1,531)                                (1,658)                                      (1,713)                             (1,585)                              (2,214)                                          (2,573)


        Payment of interest on loan from an equity
         accounted investee

                                                                                                  407                                     407                                                                               407                                 1,176                                             1,367


        Change in trade
         receivables and
         other receivables                                                                      2,012                                     209                                         (356)                                 508                                 (200)                                            (232)


        Change in other
         assets                                                                                   126                                 (1,351)                                        (355)                               (547)                                (220)                                            (256)


        Change in
         receivables from
         concessions
         project                                                                                 (84)                                                                                 454                                                                     1,076                                             1,251


        Change in accrued
         severance pay,
         net                                                                                        2                                       1                                           (2)                                   2                                    15                                                17


        Change in trade
         payables                                                                               (258)                                    425                                          (37)                                 210                                   291                                               338


        Change in other
         payables                                                                             (2,655)                                  1,029                                           271                              (1,253)                                 (39)                                             (45)


        Taxes on income                                                                           372                                     402                                           302                                1,051                                   120                                               139


        Income taxes paid                                                                        (42)                                                                                (28)                                                                     (44)                                             (51)


        Interest received                                                                         505                                     135                                           518                                  360                                 1,406                                             1,634


        Interest paid                                                                         (3,659)                                  (206)                                        (206)                             (1,720)                              (2,803)                                          (3,258)



        Net cash provided
         by (used in)
         operating
         activities                                                                             2,305                                   2,905                                         2,381                                3,498                                 4,648                                             5,403





                                    Cash flows from investing activities


        Acquisition of
         fixed assets                                                                         (7,576)                                (2,240)                                        (455)                             (6,356)                              (3,061)                                          (3,558)


        Acquisition of
         subsidiary, net
         of cash acquired                                                                     (9,851)                                                                                                                                                                                                             -


        Advances on
         account of
         investments                                                                          (8,000)                                                                                                                 (8,978)                                                                                     -


        Repayment of loan
         to an equity
         accounted
         investee                                                                                   -                                                                                                                                                          490                                               570


        Acquisition of
         marketable
         securities                                                                           (6,677)                                                                                                                 (6,677)                                                                                     -


        Proceeds from
         marketable
         securities                                                                             1,277                                   1,277                                         3,316                                1,277                                 3,316                                             3,854


        Proceeds
         (Investment) in
         restricted cash,
         net                                                                                    3,225                                      38                                       (3,393)                               3,264                               (1,789)                                          (2,079)


        Proceeds of
         Forward contract                                                                           -                                  1,788                                           187                                1,788                                   594                                               690


        Settlement of
         derivatives, net                                                                         620                                                                                                                  (2,027)                                (184)                                            (214)


        Loans to others                                                                         (361)                                                                                                                   (361)                                                                                     -



        Net cash provided
         by (used in)
         investing
         activities                                                                          (27,343)                                    863                                         (345)                            (18,070)                                (634)                                            (737)





                                    Cash flows from financing activities


        Repayment of long-
         term loans and
         finance lease
         obligations                                                                          (2,224)                                  (459)                                        (201)                             (1,205)                             (14,928)                                         (17,351)


        Proceeds from
         issuance of
         debentures, net                                                                       31,175                                                                                                                   31,175                                                                                      -


        Repayment of
         Debentures                                                                           (4,842)                                                                                                                                                                                                             -


        Proceeds from
         long-term loans                                                                        5,575                                                                                   14                                5,419                                34,515                                            40,116


        Repurchase of own
         shares                                                                                  (14)                                                                                                                    (14)                                                                                     -



        Net cash provided
         by (used in)
         financing
         activities                                                                            29,670                                   (459)                                        (187)                              35,375                                19,587                                            22,765





        Effect of exchange
         rate fluctuations
         on cash and cash
         equivalents                                                                          (3,156)                                (1,371)                                         (73)                             (3,207)                                (177)                                            (206)


        Increase in cash
         and cash
         equivalents                                                                            1,476                                   1,938                                         1,776                               17,596                                23,424                                            27,225


        Cash and cash
         equivalents at
         the beginning of
         the period                                                                            22,486                                  38,144                                        45,610                               22,486                                23,962                                            27,851



                                    Cash and cash
                                     equivalents at
                                     the end of the
                                     period                                                    23,962                                  40,082                                        47,386                               40,082                                47,386                                            55,076




       * Convenience translation into US$ (exchange rate as at September 30, 2018: euro 1 = US$ 1.162)


                                                    
              Ellomay Capital Ltd. and its Subsidiaries



       Reconciliation of Loss to EBITDA (in thousands)

    ---

                                    
              For the year                 For the three              For the nine
                                                                                months                     months                  
              For the nine
                                             ended                    ended September            ended September
                                                                            30,                         30,                               months ended
                                       December 31,                                                                                September 30,


                                      2017       2017       2018                        2017                       2018                                               2018

                                                                                                                                                                  ---

                                                                        
              
                
                  Unaudited



                                                                                                                                                      Convenience
                                                                                                                                   Translation
                                                                                                                                    into US$*

                                                                                                EUR
                                                                                            
                  
                   in
                                                                                                                         thousands

                                                                                                                                                            ---

        Net Profit
         (loss) for the
         period                    (6,641)     1,246      1,016                     (4,163)                     (118)                                             (137)


        Financing
         expenses, net               9,228      1,158        919                       6,920                      1,835                                              2,133


        Taxes on income                372        402        302                       1,051                        120                                                139


        Depreciation                 4,518      1,107      1,597                       3,305                      4,364                                              5,072

    ---                                                                                                                                                           ---

        EBITDA                       7,477      3,913      3,834                       7,113                      6,201                                              7,207



       * Convenience translation into US$ (exchange rate as at September 30, 2018: euro 1 = US$ 1.162)

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

View original content:http://www.prnewswire.com/news-releases/ellomay-capital-reports-results-for-the-three-and-nine-months-ended-september-30-2018-300771226.html

SOURCE Ellomay Capital Ltd