Ellomay Capital Reports Results for the Fourth Quarter and Full Year of 2018
TEL AVIV, Israel, March 29, 2019 /PRNewswire/ -- Ellomay Capital Ltd. (NYSE American: ELLO) (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 twelve month periods ended December 31, 2018.
Financial Highlights
-- Revenues were approximately EUR18.1 million for the year ended December
31, 2018, compared to approximately EUR13.6 million for the year ended
December 31, 2017. The increase in revenues is mainly a result of the
commencement of operations of the Company's two waste-to-energy projects
(the "WtE Projects") in the Netherlands (one in November 2017 and the
other in June 2018) and the results for a full year of the photovoltaic
plant in Talmei Yosef (the "Talmei Yosef PV Plant"), acquired in October
2017, partially offset by lower revenues in Italy due to relatively
lower radiation levels in the year ended December 31, 2018 compared to
the year ended December 31, 2017.
-- Operating expenses were approximately EUR6.3 million for the year ended
December 31, 2018, compared to approximately EUR2.5 million for the year
ended December 31, 2017. The increase in operating expenses is mainly
attributable to additional operating expenses resulting from the
commencement of operations of the WtE Projects in the Netherlands, as
WtE operations are characterized by higher operating expenses compared
to PV operations, resulting from the components of raw materials and the
costs of waste removal, and from the acquisition of the Talmei Yosef PV
Plant. Depreciation expenses were approximately EUR5.8 million for the
year ended December 31, 2018, compared to approximately EUR4.5 million
for the year ended December 31, 2017.
-- Project development costs were approximately EUR2.9 million for the year
ended December 31, 2018, compared to approximately EUR2.7 million for
the year ended December 31, 2017. The increase in project development
costs is mainly attributable to consultancy expenses in connection with
the project to promote the construction of a 300 MW photovoltaic plant
in the municipality of Talaván, Cáceres, Spain (the "Talasol
Project").
-- General and administrative expenses were approximately EUR3.6 million
for the year ended December 31, 2018, compared to approximately EUR2.4
million for the year ended December 31, 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 WtE
Projects in the Netherlands and the acquisition of the Talmei Yosef PV
Plant.
-- Share of profits of equity accounted investee, after elimination of
intercompany transactions, was approximately EUR2.5 million in the year
ended December 31, 2018, compared to approximately EUR1.5 million in the
year ended December 31, 2017. The increase in the Company's share of
profit of equity accounted investee is mainly attributable to an
increase in sales of electricity by Dorad due to increased production
and to lower financial expenses incurred by Dorad as a result of the CPI
indexation of loans from banks and related parties.
-- Financing expenses, net was approximately EUR2.1 million for the year
ended December 31, 2018, compared to approximately EUR9.2 million for
the year ended December 31, 2017. The decrease in financing expenses was
mainly due to: (i) the reevaluation of the Company's euro/US$ forward
transactions and marketable securities in the aggregate profit amount of
approximately EUR0.5 million for the year ended December 31, 2018,
compared to a loss of approximately EUR3.2 million for the year ended
December 31, 2017, and (ii) income in connection with exchange rate
differences amounting to approximately EUR0.7 million in the year ended
December 31, 2018, mainly in connection with the NIS denominated
Debentures, compared to expenses in the amount of approximately EUR3.6
million in the year ended December 31, 2017, mainly in connection with
US dollar denominated cash and marketable securities, resulting from
exchange rate differences caused by the 14% revaluation of the euro
against the US$ during 2017. Following the change of presentation
currency in 2017, the Company converted the majority of its cash and
marketable securities from US dollar to euro.
-- Taxes on income were approximately EUR0.2 million in the year ended
December 31, 2018, compared to approximately EUR0.4 million in the year
ended December 31, 2017. This decrease resulted mainly from the
application of a tax incentive in the Netherlands applicable for
companies that invest in energy-efficient technology, claimable upon
filing the relevant tax return by reducing the amount of taxable profit.
-- Net profit was approximately EUR0.6 million in the year ended December
31, 2018, compared to net loss of approximately EUR6.6 million for the
year ended December 31, 2017.
-- Net profit per share was approximately EUR0.1 in the year ended December
31, 2018, compared to net loss per share of approximately EUR0.57 for
the year ended December 31, 2017.
-- Total other comprehensive loss was approximately EUR1.2 million for the
year ended December 31, 2018, compared to total other comprehensive loss
of approximately EUR0.2 million in the year ended December 31, 2017. The
change was mainly due to changes in fair value of cash flow hedges and
from foreign currency translation differences on New Israeli Shekel
denominated operations, as a result of fluctuations in the euro/NIS
exchange rates.
-- Total comprehensive loss was approximately EUR0.5 million in the year
ended December 31, 2018, compared to total comprehensive loss of
approximately EUR6.9 million in the year ended December 31, 2017.
-- EBITDA was approximately EUR8.7 million for the year ended December 31,
2018, compared to approximately EUR7.5 million for the year ended
December 31, 2017.
-- Net cash from operating activities was approximately EUR6.6 million for
the year ended December 31, 2018, compared to approximately EUR2.3
million for the year ended December 31, 2017. The increase in net cash
from operating activities is mainly attributable to interest payment
received during 2018 on a loan to an equity accounted investee.
-- As of March 1, 2019, the Company held approximately EUR29.8 million in
cash and cash equivalents, approximately EUR0.4 million in marketable
securities and approximately EUR6.9 million in restricted short-term and
long-term cash.
Ran Fridrich, CEO and a board member of Ellomay commented: "2018 met our target presenting increased revenues, net profit and a strong cash flow from operations, while we continue promoting our major development projects - Talasol and Manara PSP. We expect to commence the construction of the Talasol project during the first half of 2019 and are diligently promoting the Manara PSP project towards financial closing."
Information for the Company's Series A and Series B Debenture Holders
As of December 31, 2018, the Company's Net Financial Debt (as such term is defined in the Deeds of Trust of the Company's Debentures) was approximately EUR20.2 million (consisting of approximately EUR69.8 million of short-term and long-term debt from banks and other interest bearing financial obligations and approximately EUR51.3 million in connection with the Series A Debentures issuances (in January and September 2014) and the Series B Debentures issuance (in March 2017), net of approximately EUR39 million of cash and cash equivalents and marketable securities and net of approximately EUR61.9 million of project finance and related hedging transactions of the Company's subsidiaries).
Use of NON-IFRS Financial Measures
EBITDA is a non-IFRS measure and is defined as earnings before financial expenses, net, taxes, depreciation and amortization. The Company presents this measure in order to enhance the understanding of the Company's historical financial performance and to enable comparability between periods. While the Company considers EBITDA to be an important measure of comparative operating performance, EBITDA should not be considered in isolation or as a substitute for net income or other statement of operations or cash flow data prepared in accordance with IFRS as a measure of profitability or liquidity. EBITDA does not take into account the Company's commitments, including capital expenditures, and restricted cash and, accordingly, is not necessarily indicative of amounts that may be available for discretionary uses. Not all companies calculate EBITDA in the same manner, and the measure as presented may not be comparable to similarly-titled measures presented by other companies. The Company's EBITDA may not be indicative of the historic operating results of the Company; nor is it meant to be predictive of potential future results. A reconciliation between results on an IFRS and non-IFRS basis is provided in the last table of this press release.
About Ellomay Capital Ltd.
Ellomay is an Israeli based company whose shares are registered with the NYSE American and with the Tel Aviv Stock Exchange under the trading symbol "ELLO". Since 2009, Ellomay Capital focuses its business in the renewable energy and power sectors in Europe and Israel.
To date, Ellomay has evaluated numerous opportunities and invested significant funds in the renewable, clean energy and natural resources industries in Israel, Italy and Spain, including:
-- Approximately 22.6MW of photovoltaic power plants in Italy,
approximately 7.9MW of photovoltaic power plants in Spain and a
photovoltaic power plant of approximately 9 MW in Israel;
-- 9.375% indirect interest in Dorad Energy Ltd., which owns and operates
one of Israel's largest private power plants with production capacity of
approximately 850 MW, representing about 6%-8% of Israel's total current
electricity consumption;
-- 75% of Chashgal Elyon Ltd., Agira Sheuva Electra, L.P. and Ellomay
Pumped Storage (2014) Ltd., all of which are involved in a project to
construct a 156 MW pumped storage hydro power plant in the Manara Cliff,
Israel;
-- 51% of Groen Gas Goor B.V. and of Groen Gas Oude-Tonge B.V., project
companies developing anaerobic digestion plants with a green gas
production capacity of approximately 375 Nm3/h, in Goor, the Netherlands
and 475 Nm3/h, in Oude Tonge, the Netherlands, respectively.
-- Talasol, which is involved in a project to construct a photovoltaic
plant with a peak capacity of 300 MW in the municipality of Talaván,
Cáceres, Spain.
Ellomay Capital is controlled by Mr. Shlomo Nehama, Mr. Hemi Raphael and Mr. Ran Fridrich. Mr. Nehama is one of Israel's prominent businessmen and the former Chairman of Israel's leading bank, Bank Hapohalim, and Messrs. Raphael and Fridrich both have vast experience in financial and industrial businesses. These controlling shareholders, along with Ellomay's dedicated professional management, accumulated extensive experience in recognizing suitable business opportunities worldwide. Ellomay believes the expertise of Ellomay's controlling shareholders and management enables the Company to access the capital markets, as well as assemble global institutional investors and other potential partners. As a result, we believe Ellomay is capable of considering significant and complex transactions, beyond its immediate financial resources.
For more information about Ellomay, visit http://www.ellomay.com.
Information Relating to Forward-Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties, including statements that are based on the current expectations and assumptions of the Company's management. All statements, other than statements of historical facts, included in this press release regarding the Company's plans and objectives, expectations and assumptions of management are forward-looking statements. The use of certain words, including the words "estimate," "project," "intend," "expect," "believe" and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on the Company's forward-looking statements. Various important factors could cause actual results or events to differ materially from those that may be expressed or implied by the Company's forward-looking statements, including weather conditions, regulatory changes, changes in the supply and prices of resources required for the operation of our facilities (such as waste and natural gas), changes in demand and technical and other disruptions in the operations or construction of the power plants owned by us. These and other risks and uncertainties associated with the Company's business are described in greater detail in the filings the Company makes from time to time with Securities and Exchange Commission, including its Annual Report on Form 20-F. The forward-looking statements are made as of this date and the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Statements of Financial Position
---
December 31,
2018 2017 2018
---
Audited
EUR in thousands
Convenience Translation
into US$ in thousands*
---
Assets
Current assets:
Cash and cash equivalents 36,882 23,962 42,231
Marketable securities 2,132 2,162 2,441
Restricted cash and marketable securities 4,653 3,265 5,328
Receivable from concession project 1,292 1,286 1,479
Financial assets 1,282 1,249 1,468
Trade and other receivables 12,623 10,645 14,454
---
58,864 42,569 67,401
---
Non-current assets
Investment in equity accounted investee 27,746 27,655 31,770
Advances on account of investments 798 8,825 914
Receivable from concession project 25,710 27,725 29,439
Fixed assets 87,220 78,837 99,870
Intangible asset 4,882 5,505 5,590
Restricted cash and deposits 2,062 3,660 2,361
Deferred tax 2,423 1,777 2,774
Long term receivables 1,455 1,535 1,666
---
152,296 155,519 174,384
---
Total assets 211,160 198,088 241,785
===
Liabilities and Equity
Current liabilities
Current maturities of long term loans 5,864 3,103 6,714
Debentures 8,758 4,644 10,028
Trade payables 2,126 1,349 2,434
Other payables 3,103 2,187 3,553
---
19,851 11,283 22,729
---
Non-current liabilities
Finance lease obligations 3,690 -
Long-term loans 60,228 42,091 68,963
Debentures 42,585 52,987 48,761
Deferred tax 6,219 5,982 7,121
Other long-term liabilities 5,320 4,555 6,092
---
114,352 109,305 130,937
---
Total liabilities 134,203 120,588 153,666
===
Equity
Share capital 19,980 19,980 22,878
Share premium 58,344 58,339 66,806
Treasury shares (1,736) (1,736) (1,988)
Reserves 1,169 2,357 1,339
Retained earnings (accumulated deficit) 758 (299) 868
---
Total equity attributed to shareholders of 78,515 78,641 89,903
the Company
Non-Controlling Interest (1,558) (1,141) (1,784)
---
Total equity 76,957 77,500 88,119
===
Total liabilities and equity 211,160 198,088 241,785
===
* Convenience translation into US$ (exchange rate as at December 31, 2018: euro 1 = US$ 1.145)
Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (in thousands, except per share data)
---
For the three months For the year
For the three
For the year
ended December 31, months ended
ended December 31, ended December 31,
December 31,
2017 2018 2017 2018 2018 2018
Unaudited Audited
Unaudited
Audited
EUR in thousands Convenience Translation into
US$*
Revenues 2,867 4,246 13,636 18,117 4,862 20,745
Operating expenses (892) (1,769) (2,549) (6,342) (2,026) (7,262)
Depreciation expenses (1,213) (1,452) (4.518) (5,816) (1,663) (6,660)
Gross profit 761 1,025 6,569 5,959 1,173 6,823
Project development costs (1,001) (256) (2,739) (2,878) (293) (3,295)
General and administrative expenses (559) (838) (2,420) (3,600) (960) (4,122)
Share of profits (loss) of equity accounted investee (55) 331 1,531 2,545 379 2,914
Other income, net 4 811 18 884 929 1,012
Operating profit (loss) (849) 1,073 2,959 2,910 1,228 3,332
Financing income 856 739 1,333 2,936 846 3,362
Financing income (expenses) in connection with (308) 347 (3,156) 494 397 566
derivatives, net
Financing expenses (2,856) (1,342) (7,405) (5,521) (1,537) (6,322)
Financing income (expenses), net (2,308) (256) (9,228) (2,091) (294) (2,394)
Profit (Loss) before taxes on income (3,157) 817 (6,269) 819 934 938
Tax benefit (Taxes on income) 679 (95) (372) (215) (107) (246)
Profit (Loss) for the period (2,478) 722 (6,641) 604 827 692
Profit (Loss) attributable to:
Owners of the Company (2,218) 673 (6,115) 1,057 771 1,211
Non-controlling interests (260) 49 (526) (453) 56 (519)
Profit (loss) for the year (2,478) 722 (6,641) 604 827 692
Other comprehensive income (loss) items that after
initial recognition in comprehensive income (loss)
were or will be transferred to profit or loss:
Foreign currency translation differences for foreign 87 (258) (359) (787) (295)
operations
(901)
Other comprehensive income items that will not be
transferred to profit or loss:
Effective portion of change in fair value of cash (1,036) (476) (1,244) (1,008) (545) (1,154)
flow hedges
Net change in fair value of cash flow hedges 546 348 1,382 643 398 736
transferred to profit or loss
Total other comprehensive loss (403) (386) (221) (1,152) (442) (1,319)
Total comprehensive profit (loss) for the year (2,881) 336 (6,862) (548) 385 (627)
Basic net profit (loss) per share (0.15) 0.00 (0.57) 0.10 0.00 0.11
Diluted net profit (loss) per share (0.15) 0.00 (0.57) 0.10 0.00 0.11
---
* Convenience translation into US$ (exchange rate as at December 31, 2018: euro 1 = US$ 1.145)
Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Statements of Changes in Equity (in thousands)
---
Attributable to shareholders of the Company
Non- controlling
Total
Interests
Equity
Translation
Retained
reserve
earnings
(accumulated
from
Share Share Treasury
foreign Hedging
capital premium
deficit) shares operations Reserve Total
EUR
in thousands
For the year ended
December 31, 2018:
Balance as at
January 1, 2018 19,980 58,339 (299) (1,736) 2,219 138 78,641 (1,141) 77,500
Profit for the year - 1,057 1,057 (453) 604
Other comprehensive
loss for the year
- (823) (365) (1,188) 36 (1,152)
---
Total comprehensive - 1,057 (823) (365) (131) (417) (548)
loss for the year
Transactions with
owners of the Company,
recognized directly in
equity:
Share-based payments - 5 5 5
---
Balance as at
December 31, 2018 19,980 58,344 758 (1,736) 1,396 (227) 78,515 (1,558) 76,957
For the three months
ended December 31,
2018 (Unaudited):
Balance as at
September 30, 2018 19,980 58,342 85 (1,736) 1,679 (99) 78,251 (1,632) 76,619
Profit for the period - 673 673 49 722
Other comprehensive
loss for the period
- (283) (128) (411) 25 (386)
---
Total comprehensive - 673 (283) (128) 262 74 336
income for the period
Transactions with
owners of the
Company, recognized
directly in equity:
Share-based payments - 2 2 2
---
Balance as at
December 31, 2018 19,980 58,344 758 (1,736) 1,396 (227) 78,515 (1,558) 76,957
Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Statements of Changes in Equity (in thousands) (cont'd)
---
Attributable to shareholders of the Company
Non- controlling
Total
Interests
Equity
Translation
Share Share
Retained Treasury
reserve Hedging
earnings
(accumulated
from
foreign
capital premium
deficit) shares operations Reserve Total
EUR
in thousands
For the year ended
December 31, 2017:
Balance as at
January 1, 2017 19,980 58,334 5,816 (1,722) 2,664 85,072 (701) 84,371
Loss for the year - (6,115) (6,115) (526) (6,641)
Other comprehensive - (445) 138 (307) 86 (221)
loss for the year
---
Total comprehensive - (6,115) (445) 138 (6,422) (440) (6,862)
loss 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
For the three months
ended December 31,
2017 (Unaudited):
Balance as at
September 30, 2017 19,980 58,337 1,335 (1,736) 2,776 628 81,320 (940) 80,380
Loss for the period - (1,634) (1,634) (260) (1,894)
Other comprehensive - (557) (490) (1,047) 59 (988)
loss for the period
---
Total comprehensive - (1,634) (557) (490) (2,681) (201) (2,882)
loss for the period
Transactions with
owners of the
Company, recognized
directly in equity:
Share-based payments - 2 2 2
---
Balance as at
December 31, 2017 19,980 58,339 (299) (1,736) 2,219 138 78,641 (1,141) 77,500
Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Interim Statements of Changes in Equity (in thousands) (cont'd)
---
Attributable to shareholders of the Company Non- controlling
Total
Interests
Equity
Translation
Share Share Retained Treasury reserve Hedging
earnings
(accumulated from
foreign
capital premium deficit) shares operations Reserve Total
Convenience translation into US$ (exchange rate as at December 31, 2018: (euro 1 = US$ 1.145)
---
For the year ended
December 31, 2018:
Balance as at
January 1, 2018 22,878 66,800 (343) (1,988) 2,541 158 90,046 (1,306) 88,740
Profit for the year 1,211 1,211 (519) 692
Other comprehensive - (942) (418) (1,360) 41 (1,319)
loss for the year
---
Total comprehensive - 1,211 (942) (418) (149) (478) (627)
loss for the year
Transactions with
owners of the Company,
recognized directly in
equity:
Share-based payments - 6 6 6
---
Balance as at
December 31, 2018 22,878 66,806 868 (1,988) 1,599 (260) 89,903 (1,784) 88,119
For the three months
ended December 31,
2018 (Unaudited):
Balance as at
September 30, 2018 22,878 66,804 97 (1,988) 1,923 (113) 89,601 (1,869) 87,732
Profit for the period 771 771 56 827
Other comprehensive - (324) (147) (471) 29 (442)
loss for the period
---
Total comprehensive - 771 (324) (147) 300 85 385
income for the period
Transactions with
owners of the
Company, recognized
directly in equity:
Share-based payments - 2 2 2
---
Balance as at
December 31, 2018 22,878 66,806 868 (1,988) 1,599 (260) 89,903 (1,784) 88,119
Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Interim Statements of Cash Flow (in thousands)
---
For the three For the year For the three For the year
months ended ended December months ended ended
December 31, 31, December 31, December 31,
---
2017 2018 2017 2018 2018 2018
---
Unaudited Audited Unaudited Audited
---
EUR
in thousands Convenience Translation into US$*
---
Cash flows from operating activities
Profit (loss) for the period (2,478) 722 (6,641) 604 827 692
Adjustments for:
---
Financing expenses, net 2,308 256 9,228 2,091 294 2,394
Depreciation 1,213 1,452 4,518 5,816 1,663 6,660
Share-based payment transactions 2 2 5 5 2 6
Share of (profits) loss of equity accounted investees 54 (331) (1,531) (2,545) (379) (2,914)
Payment of interest on loan from an equity accounted 1,860 407 3,036 2,130 3,476
investee
Change in trade receivables and other receivables 2,559 183 2,012 (17) 210 (19)
Change in other assets (382) 257 126 37 294 42
Change in receivables from concessions project (84) 355 (84) 1,431 406 1,639
Change in accrued severance pay, net 2 15 17
Change in trade payables (468) 342 (258) 633 392 725
Change in other payables (1,403) (1,527) (2,655) (1,565) (1,748) (1,792)
Income tax expense (tax benefit) (679) 95 372 215 107 246
Income taxes paid (42) (33) (42) (77) (38) (88)
Interest received 145 429 505 1,835 491 2,101
Interest paid (1,939) (2,121) (3,659) (4,924) (2,429) (5,638)
---
1,284 1,219 8,946 5,986 1,395 6,855
---
Net cash from operating activities (1,194) 1,941 2,305 6,590 2,222 7,547
===
Cash flows from investing activities
Acquisition of fixed assets (1,220) (647) (7,576) (3,708) (741) (4,246)
Acquisition of subsidiary, net of cash acquired (9,851) (1,000) (9,851) (1,000) (1,145) (1,145)
Advances on account of investments 978 (8,000) -
Repayment of loan from an equity accounted investee 1,050 1,540 1,202 1,763
Acquisition of marketable securities (6,677) -
Proceeds from marketable securities 1,277 3,316 3,797
Proceed from settlement of derivatives, net 859 254 620 664 291 760
Decrease (increase) in restricted cash (39) (1,318) 3,225 (3,107) (1,509) (3,558)
Loans to others (3,500) (361) (3,500) (4,008) (4,008)
Net cash from (used in) investing activities (9,273) (5,161) (27,343) (5,795) (5,910) (6,637)
===
Cash flows from financing activities
Dividend paid -
Repayment of long-term loans and finance lease (1,019) (2,891) (2,224) (17,819) (3,310) (20,403)
obligations
Repayment of Debentures (4,842) (4,668) (4,842) (4,668) (5,345) (5,345)
Repurchase of own shares (14) -
Proceeds from long term loans 156 230 5,575 34,745 263 39,784
Proceeds from issuance of Debentures, net 31,175 -
Net cash from (used in) financing activities (5,705) (7,329) 29,670 12,258 (8,392) 14,036
===
Effect of exchange rate fluctuations on cash and cash 52 44 (3,156) (133) 51 (152)
equivalents
Increase (decrease) in cash and cash equivalents (16,120) (10,505) 1,476 12,920 (12,029) 14,794
Cash and cash equivalents at the beginning of the 40,082 47,387 22,486 23,962 54,260 27,437
period
---
Cash and cash equivalents at the end of the period 23,962 36,882 23,962 36,882 42,231 42,231
===
* Convenience translation into US$ (exchange rate as at December 31, 2018: euro 1 = US$ 1.145)
Ellomay Capital Ltd. and its Subsidiaries
Reconciliation of Profit (Loss) to EBITDA (in thousands)
---
For the three months For the year ended
For the three
For the
ended December 31, December 31, months year ended
ended December
December 31, 31,
2017 2018 2017 2018 2018 2018
---
Unaudited
EUR Convenience Translation
in into
thousands
US$*
---
Net profit (loss) for the period (2,478) 722 (6,641) 604 827 692
Financing expenses, net 2,308 256 9,228 2,091 294 2,394
Taxes on income (tax benefit) (679) 95 372 215 107 246
Depreciation 1,213 1,452 4,518 5,816 1,663 6,660
--- ---
EBITDA 364 2,525 7,477 8,726 2,891 9,992
* Convenience translation into US$ (exchange rate as at December 31, 2018: euro 1 = US$ 1.145)
Contact:
Kalia Weintraub
CFO
Tel: +972 (3) 797-1111
Email: limors@ellomay.com
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SOURCE Ellomay Capital Ltd
