Ellomay Capital Reports Results for the Three Months Ended March 31, 2019
TEL AVIV, Israel, June 26, 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 month period ended March 31, 2019.
Financial Highlights
-- Revenues were approximately EUR4.7 million for the three months ended
March 31, 2019, compared to approximately EUR3 million for the three
months ended March 31, 2018, an increase of approximately 56%. The
increase in revenues is mainly a result of the commencement of
operations of the Company's waste-to-energy project in Oude Tonge, the
Netherlands (the "WtE Project") in June 2018 and relatively higher
levels of radiation and electricity spot prices in Italy during 2019
compared to 2018.
-- Operating expenses were approximately EUR1.7 million for the three
months ended March 31, 2019, compared to approximately EUR0.9 million
for the three months ended March 31, 2018. The increase in operating
expenses is mainly attributable to the commencement of operations of the
Company's WtE Project in June 2018, as waste-to-energy operations are
characterized by higher operating expenses compared to PV operations due
to the cost of the components of raw materials and waste removal.
Depreciation expenses were approximately EUR1.6 million for the three
months ended March 31, 2019, compared to approximately EUR1.4 million
for the three months ended March 31, 2018. The increase reflects the
commencement of operations of the Company's WtE Project in the
Netherlands.
-- Project development costs were approximately EUR0.9 million for the
three months ended March 31, 2019, compared to approximately EUR0.8
million for the three months ended March 31, 2018. The increase in
project development expenses is mainly attributable to consultancy
expenses in connection with the Pumped Storage Project in the Manara
Cliff in Israel.
-- General and administrative expenses were approximately EUR0.9 million
for the three months ended March 31, 2019, compared to approximately
EUR1.2 million for the three months ended March 31, 2018. The decrease
in general and administrative expenses resulted mainly from payment in
2018 of approximately EUR0.4 million pursuant to a VAT assessment
agreement from previous years in Israel.
-- Share of profits of equity accounted investee, after elimination of
intercompany transactions, was approximately EUR1.2 million for each of
the three months ended March 31, 2019 and March 31, 2018.
-- Financing expenses, net was approximately EUR1.7 million for the three
months ended March 31, 2019, compared to approximately EUR0.4 million
for the three months ended March 31, 2018. The increase in financing
expenses was mainly due to expenses in connection with exchange rate
differences amounting to approximately EUR1.2 million in the three
months ended March 31, 2019, mainly in connection with the New Israeli
Shekel denominated Series A Debentures and Series B Debentures, caused
by the 5% devaluation of the euro against the NIS during the three
months ended March 31, 2019, compared to income of approximately EUR0.9
million for the three months ended March 31, 2018, caused by the 4%
revaluation of the euro against the NIS during the three months ended
March 31, 2018. This increase was partially offset by income in
connection with the reevaluation of the Company's euro/US$ forward
transactions of approximately EUR0.4 million for the three months ended
March 31, 2019, compared to expenses of EUR0.6 million for the three
months ended March 31, 2018.
-- Taxes on income were approximately EUR0.2 million for the three months
ended March 31, 2019, compared to approximately EUR0.01 million for the
three months ended March 31, 2018.
-- Loss for the three months ended March 31, 2019 was approximately EUR1
million, compared to approximately EUR0.4 million for the three months
ended March 31, 2018.
-- Total other comprehensive income was approximately EUR0.6 million for
the three months ended March 31, 2019, compared to a loss of
approximately EUR1.5 million in the three months ended March 31, 2018.
The change mainly resulted from 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 EUR0.4 million for the three
months ended March 31, 2019, compared to total comprehensive loss of
approximately EUR1.9 million for the three months ended March 31, 2018.
-- EBITDA was approximately EUR2.5 million for the three months ended March
31, 2019, compared to approximately EUR1.3 million for the three months
ended March 31, 2018.
-- Net cash from operating activities was approximately EUR0.2 million for
the three months ended March 31, 2019, compared to approximately EUR2.9
million for the three months ended March 31, 2018. The decrease in net
cash from operating activities is mainly attributable to payment of
interest on a loan from an equity accounted investee of approximately
EUR1.2 million in the three months ended March 31, 2018, in addition to
the timing of the receipt of revenues, as January 2019 revenues from
electricity produced in Italy were collected in April 2019 while January
2018 revenues from electricity produced in Italy were mainly collected
in March 2018.
-- In March 2019, four of the Company's Spanish subsidiaries entered into a
facility agreement with Bankinter, S.A governing the procurement of
project financing in the aggregate amount of approximately EUR18.4
million (the "Project Finance"). The EUR18.4 million principal amount is
divided into: (i) four term loan facilities, one for each Subsidiary, in
the aggregate amount of EUR17.6 million (EUR0.2 million borrowing costs
were capitalized to the principal amount) with terms ending in May 2028,
and (ii) revolving facilities, one for each Subsidiary, aimed to cover
financial needs for the debt service coverage in case of a liquidity
shortfall of the Subsidiaries, in the aggregate amount of EUR0.8
million. The termination date of the Project Finance is December 31,
2037 and an annual interest at the rate of Euribor 6 months plus a
margin of 2% (with a zero interest floor) is repaid semi-annually on
June 20 and December 20. The principal is repaid on a semi-annual basis
based on a pre-determined sculptured repayment schedule. The Project
Finance documentation requires the Subsidiaries to enter into interest
swap agreements for an amount equal to at least 70% of the amount of the
Facility Agreement. The Subsidiaries entered into the swap agreements on
March 12, 2019 with respect to approximately Euro 17.6 million (with a
decreasing notional principal amount based on the amortization table)
until December 2037, replacing the Euribor 6 month rate with a fixed 6
month rate of approximately 1%, resulting in a fixed annual interest
rate of approximately 3%.
-- On April 30, 2019, the Company, through its Spanish subsidiary Talasol
Solar, S.L.U. (the "Project Company"), closed on financing for the
construction of a photovoltaic plant with a peak capacity of 300MW in
the municipality of Talaván, in Extramadura Spain (the "Talasol
Project") and the closing of the sale of 49% of its indirect holdings in
the Project Company. The purchase price under the SPA was fixed at
EUR16.1 million. Following the consummation of these transactions,
Talasol provided the engineering, procurement and construction
contractor of the Talasol Project, METKA EGN Limited, a notice to
proceed with the construction works of the Talasol Project. The Talasol
Project's total CAPEX is expected to be approximately EUR228 million, of
which an aggregate amount of approximately EUR131 million will be
provided by a term loan under the project finance obtained by Talasol
from Rabobank, ABN AMRO and Deutsche Bank (commercial tranche) and the
European Investment Bank.
-- In May 2019, the Company's wholly-owned subsidiary, Ellomay Water Plants
Holdings (2014) Ltd. ("Ellomay 2014"), executed a term sheet with an
Israeli investor, for the sale by Ellomay 2014 of shares representing
10% of the share capital and of the shareholders loans of Ellomay Pumped
Storage (2014) Ltd. ("Ellomay Manara"). Ellomay 2014 currently owns 75%
of the share capital of Ellomay Manara, which is promoting the 156 MW
pumped storage project in the Manara Cliff, Israel (the "Manara PSP").
The consummation of the sale of the interests in Ellomay Manara is
scheduled to occur simultaneously with the financial closing of the
Manara PSP and is subject to the occurrence of certain conditions
precedent, including the execution of definitive agreements, the
completion of a due diligence process by the investor, obtaining
regulatory approvals and other customary conditions to closing. The
consummation of the sale to the investor as detailed herein is subject
to the occurrence of certain events and circumstances, including the
fulfilment of the conditions to closing and the financial closing of the
Manara PSP, that are not entirely within the control of the Company,
Ellomay 2014 or Ellomay Manara. There can be no assurance as to whether
or when these events and circumstances will occur and the conditions to
closing will be satisfied.
-- As of June 1, 2019, the Company held approximately EUR73.2 million in
cash and cash equivalents (including approximately EUR49.5 million
designated for the Talasol project), approximately EUR2.2 million in
marketable securities and approximately EUR12.3 million in restricted
short-term and long-term cash and marketable securities.
Ran Fridrich, CEO and a board member of Ellomay commented: "Q1 2019 was characterized by continued growth in all operational parameters, an increase in revenues, an increase in gross profit, and a significant increase in operating profit compared to Q1 2018. The construction of the TALASOL project (a 300 MW PV project in Spain) began following the balance sheet date. The TALASOL project is one of the largest projects being built in Europe and is not dependent on government subsidies. The TALASOL project executed a financial power swap agreement (PPA) in respect of approximately 80% of its expected output. This first-of-its-kind agreement guarantees a fixed electricity price for 10 years of operations, allowing the Talasol project to secure stable income and enabled the procurement of project financing provided by leading European banks (EIB, DB, RABOBANK and ABN-AMRO). The TALASOL project is a significant achievement for the Company and an important milestone in the Company's ability to initiate, develop and construct large-scale projects. In addition, in the first quarter of 2019, the Company took over the project management of the BIO-GAS facilities in the Netherlands. As a result, we have seen evidence of operational improvement, reflected in increased production and reduced of operational costs. The full results of the operational changes and investments in equipment currently in process in the BIO-GAS projects are expected to be reflected in the second half of 2019."
Information for the Company's Series A and Series B Debenture Holders
As of March 31, 2019, the Company's Net Financial Debt (as such term is defined in the Deeds of Trust of the Company's Debentures) was approximately EUR12.1 million (consisting of approximately EUR87.3 million of short-term and long-term debt from banks and other interest bearing financial obligations and approximately EUR54.1 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 EUR48.5 million of cash and cash equivalents and marketable securities and net of approximately EUR80.8 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;
-- 51% of Talasol, which is constructing 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
---
March 31,
December 31,
March 31,
2019 2018 2019
Unaudited
Audited
Unaudited
---
EUR in thousands
Convenience Translation
into US$ in thousands
Assets
Current assets:
Cash and cash equivalents 46,353 36,882 52,048
Marketable securities 2,194 2,132 2,464
Restricted cash and marketable securities 1,315 4,653 1,477
Receivable from concession project 1,379 1,292 1,548
Financial assets 1,349 1,282 1,515
Trade and other receivables 13,855 12,623 15,557
66,445 58,864 74,609
Non-current assets:
Investment in equity accounted investee 30,075 27,746 33,770
Advances on account of investments 840 798 943
Receivable from concession project 26,828 25,710 30,124
Fixed assets 94,213 87,220 105,787
Intangible asset 5,052 4,882 5,673
Right-of-use asset 4,200 4,716
Restricted cash and deposits 5,588 2,062 6,274
Deferred tax 2,499 2,423 2,806
Long term receivables 1,483 1,455 1,665
170,778 152,296 191,758
Total assets 237,223 211,160 266,367
Liabilities and Equity
Current liabilities:
Current maturities of long term loans 7,087 5,864 7,958
Debentures 9,218 8,758 10,350
Trade payables 3,796 2,126 4,261
Other payables 3,548 3,103 3,984
23,649 19,851 26,553
Non-current liabilities:
Lease liability 3,996 4,487
Long-term loans 77,024 60,228 86,487
Debentures 44,858 42,585 50,369
Deferred tax 6,446 6,219 7,238
Other long-term liabilities 4,670 5,320 5,244
136,994 114,352 153,825
Total liabilities 160,643 134,203 180,378
Equity:
Share capital 19,988 19,980 22,444
Share premium 58,356 58,344 65,525
Treasury shares (1,736) (1,736) (1,949)
Reserves 1,823 1,169 2,047
Retained earnings 47 758 53
Total equity attributed to shareholders of the Company 78,478 78,515 88,120
Non-Controlling Interest (1,898) (1,558) (2,131)
Total equity 76,580 76,957 85,989
Total liabilities and equity 237,223 211,160 266,367
* Convenience translation into US$ (exchange rate as at March 31, 2019: euro 1 = US$ 1.123))
Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (Loss) (in thousands, except per share data)
---
For the year ended
For the three months
December 31, ended March 31,
For the three months
ended March 31,
2018 2019 2018 2019
---
Unaudited
Audited
Unaudited
---
EUR
in
thousands EUR
in thousands
Convenience Translation
into US$*
---
Revenues 3,032 4,733 18,117 5,314
Operating expenses (900) (1,664) (6,342) (1,868)
Depreciation expenses (1,358) (1,578) (5,816) (1,772)
---
Gross profit 774 1,491 5,959 1,674
Project development costs (796) (874) (2,878) (981)
General and administrative expenses (1,185) (897) (3,600) (1,007)
Share of profits of equity accounted investee 1,163 1,164 2,545 1,307
Other income, net 4 884
---
Operating profit (loss) (40) 884 2,910 993
Financing income 1,331 390 2,936 438
Financing income (expenses) in connection with derivatives and other assets, net (452) 431 494 484
Financing expenses (1,237) (2,485) (5,521) (2,790)
---
Financing expenses, net (358) (1,664) (2,091) (1,868)
---
Income (loss) before taxes on income (398) (780) 819 (875)
Taxes on income (11) (189) (215) (212)
---
Income (loss) for the period (409) (969) 604 (1,087)
---
Income (loss) attributable to:
Owners of the Company (256) (711) 1,057 (797)
Non-controlling interests (153) (258) (453) (290)
---
Income (loss) for the period (409) (969) 604 (1,087)
---
Other comprehensive income (loss) items that after
initial recognition in comprehensive income (loss)
were or will be transferred to profit or loss:
Foreign currency translation differences for foreign operations (1,298) 1,232 (787)
1,383
Effective portion of change in fair value of cash flow hedges (926) 350 (1,008) 393
Net change in fair value of cash flowhedges transferred to profit or loss 755 (1,010) 643 (1,134)
---
Total other comprehensive income (loss) (1,469) 572 (1,152) 642
---
Total comprehensive loss for the period (1,878) (397) (548) (445)
===
Basic net income (loss) per share (0.02) (0.07) 0.10 (0.07)
===
Diluted net income (loss) per share (0.02) (0.07) 0.10 (0.07)
===
* Convenience translation into US$ (exchange rate as at March 31, 2019: euro 1 = US$ 1.123)
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 earnings (accumulated
reserve
from
Share Share Treasury
foreign Hedging
capital premium
deficit) shares operations Reserve Total
EUR
in thousands
---
For the three month ended March 31,
2019 (unaudited):
Balance as at
January 1, 2019 19,980 58,334 758 (1,736) 1,396 (227) 78,515 (1,558) 76,957
Loss for the period - (711) (711) (258) (969)
Other comprehensive income (loss) for the period
- 1,314 (660) 654 (82) 572
---
Total comprehensive income (loss) for the period - (711) 1,314 (660) (57) (340) (397)
Transactions with owners of the Company, recognized directly in equity:
Options exercise 8 11 19 19
Share-based payments - 1 1 1
---
Balance as at
March 31, 2019 19,988 58,356 47 (1,736) 2,710 (887) 78,478 (1,898) 76,580
For the year ended
December 31, 2018 (audited):
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 income (loss) for the year
- (823) (365) (1,188) 36 (1,152)
---
Total comprehensive income (loss) for the year - 1,057 (823) (365) (131) (417) (548)
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
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 earnings (accumulated
reserve
from
Share Share Treasury
foreign Hedging
capital premium
deficit) shares operations Reserve Total
EUR
in thousands
---
For the three month ended March 31,
2018 (unaudited):
Balance as at
January 1, 2018 19,980 58,339 (299) (1,736) 2,219 138 78,641 (1,141) 77,500
Loss for the period - (256) (256) (153) (409)
Other comprehensive income (loss) for the period
- (1,342) (171) (1,513) 44 (1,469)
---
Total comprehensive loss for the period - (256) (1,342) (171) (1,769) (109) (1,878)
Transactions with owners of the Company,
recognized directly in equity:
Share-based payments
- 1 1 1
---
Balance as at
March 31, 2018 19,980 58,340 (555) (1,736) 877 (33) 76,873 (1,250) 75,623
Attributable to shareholders of the Company Non- controlling
Total
Interests
Equity
Translation
Retained earnings (accumulated
reserve
from
Share Share Treasury
foreign Hedging
capital premium
deficit) shares operations Reserve Total
Convenience translation into US$ (exchange rate as at March 31, 2019: (euro 1 = US$ 1.123))
---
For the three month ended March 31,
2019 (unaudited):
Balance as at
January 1, 2019 22,435 65,512 850 (1,949) 1,568 (255) 88,161 (1,749) 86,412
Loss for the period - (797) (797) (290) (1,087)
Other comprehensive profit (loss) for the period
- 1,475 (741) 734 (92) 642
---
Total comprehensive income (loss) for the period - (797) 1,475 (741) (63) (382) (445)
Transactions with owners of the Company,
recognized directly in equity:
Options exercise 9 12 21 - 21
Share-based payments - 1 1 1
---
Balance as at
March 31, 2019 22,444 65,525 53 (1,949) 3,043 (996) 88,120 (2,131) 85,989
Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Interim Statements of Cash Flow (in thousands)
---
For the three months For the three months For the year For the three months
ended March 31, 2018 ended March 31, 2019 ended December 31, 2018 ended March 31, 2019
---
Unaudited Unaudited Audited
Unaudited
---
Convenience Translation
into US$*
EUR
in thousands
---
Cash flows from operating activities
Income (loss) for the period (409) (969) 604 (1,087)
Adjustments for:
---
Financing expenses, net 358 1,664 2,091 1,868
Depreciation 1,358 1,578 5,816 1,772
Share-based payment transactions 1 1 5 1
Share of profits of equity accounted investees (1,163) (1,164) (2,545) (1,307)
Payment of interest on loan from an equity accounted investee 1,176 3,036 -
Change in trade receivables and other receivables 681 (1,696) (17) (1,904)
Change in other assets 671 (708) 37 (795)
Change in receivables from concessions project 250 171 1,431 192
Change in accrued severance pay, net - 4 15 4
Change in trade payables 349 509 633 572
Change in other payables (423) 416 (1,565) 467
Taxes on income 11 189 215 212
Income taxes paid (1) (77) -
Interest received 395 415 1,835 466
Interest paid (382) (205) (4,924) (230)
Net cash provided by operating activities 2,872 205 6,590 231
Cash flows from investing activities
Acquisition of fixed assets (1,112) (7,289) (3,708) (8,184)
Acquisition of subsidiary, net of cash acquired - (1,000) (1,000) (1,123)
Repayment of loan to an equity accounted investee 490 1,540 604
Advances on account of investments -
Acquisition of marketable securities -
Proceeds from marketable securities - 3,316
Proceed from (invest in) settlement of derivatives, net 15 532 664 597
Decrease (increase) in restricted cash 79 87 (3,107) 98
Loans to others - (3,500)
---
Net cash used in investing activities (528) (7,670) (5,795) (8,612)
Cash flows from financing activities
Repayment of long-term loans and finance lease obligations (177) (506) (17,819) (568)
Repayment of Debentures - (4,668)
Proceeds from options - 19 21
Proceeds from long-term loans 40 17,424 34,754 19,565
Net cash provided by (used in) financing activities (137) 16,937 12,258 (19,018)
Effect of exchange rate fluctuations on cash and cash equivalents (200) (1) (133) (2)
Increase in cash and cash equivalents 2,007 9,471 12,920 10,635
Cash and cash equivalents at the beginning of the period 23,962 36,882 23,962 41,413
Cash and cash equivalents at the end of the period 25,969 46,353 36,882 52,048
* Convenience translation into US$ (exchange rate as at March 31, 2019: euro 1 = US$ 1.123)
Ellomay Capital Ltd. and its Subsidiaries
Reconciliation of Income (Loss) to EBITDA (in thousands)
---
For the three For the year ended December
months ended 31,
March 31, For the three months ended March 31,
2018 2019 2018 2019
---
Unaudited
EUR
in
thousands Convenience Translation into US$*
---
Net income
(loss) for the
period (409) (969) 604 (1,087)
Financing
expenses, net 358 1,664 2,091 1,868
Taxes on income 11 189 215 212
Depreciation 1,358 1,578 5,816 1,772
--- ---
EBITDA 1,318 2,462 8,726 2,765
* Convenience translation into US$ (exchange rate as at March 31, 2019: euro 1 = US$ 1.123)
Contact:
Kalia Weintraub
CFO
Tel: +972 (3) 797-1111
Email: ellogu@ellomay.com
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SOURCE Ellomay Capital Ltd
