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Ellomay Capital Ltd.

Quarterly Report Mar 31, 2019

6770_rns_2019-03-31_372e6de6-a035-4ce3-81ff-46bf9ee1c2bd.pdf

Quarterly Report

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of March 2019 Commission File Number: 001-35284

Ellomay Capital Ltd.

(Translation of registrant's name into English)

9 Rothschild Blvd., Tel Aviv 6688112, Israel (Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ☐ No ☒

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ________

This Report on Form 6-K of Ellomay Capital Ltd. consists of the following documents, which are attached hereto and incorporated by reference herein:

Exhibit 99.1. Press Release: "Ellomay Capital Reports Results for the Fourth Quarter and Full Year of 2018," dated March 29, 2019.
Exhibit 99.2 Press Release: "Ellomay Capital Announces the Filing of the Annual Report on Form 20-F for 2018," dated March 29, 2019.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Ellomay Capital Ltd.

By: /s/ Ran Fridrich Ran Fridrich Chief Executive Officer and Director

Dated: March 29, 2019

Exhibit 99.1

Ellomay Capital Reports Results for the Fourth Quarter and Full Year of 2018

Tel-Aviv, Israel, March 29, 2019 – Ellomay Capital Ltd. (NYSE American; 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 €18.1 million for the year ended December 31, 2018, compared to approximately €13.6 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 €6.3 million for the year ended December 31, 2018, compared to approximately €2.5 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 €5.8 million for the year ended December 31, 2018, compared to approximately €4.5 million for the year ended December 31, 2017.

Project development costs were approximately €2.9 million for the year ended December 31, 2018, compared to approximately €2.7 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 €3.6 million for the year ended December 31, 2018, compared to approximately €2.4 million for the year ended December 31, 2017. The increase in general and administrative expenses resulted mainly from payment of approximately €0.4 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 €2.5 million in the year ended December 31, 2018, compared to approximately €1.5 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 €2.1 million for the year ended December 31, 2018, compared to approximately €9.2 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 €0.5 million for the year ended December 31, 2018, compared to a loss of approximately €3.2 million for the year ended December 31, 2017, and (ii) income in connection with exchange rate differences amounting to approximately €0.7 million in the year ended December 31, 2018, mainly in connection with the NIS denominated Debentures, compared to expenses in the amount of approximately €3.6 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 €0.2 million in the year ended December 31, 2018, compared to approximately €0.4 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 €0.6 million in the year ended December 31, 2018, compared to net loss of approximately €6.6 million for the year ended December 31, 2017.

Net profit per share was approximately €0.1 in the year ended December 31, 2018, compared to net loss per share of approximately €0.57 for the year ended December 31, 2017.

Total other comprehensive loss was approximately €1.2 million for the year ended December 31, 2018, compared to total other comprehensive loss of approximately €0.2 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 €0.5 million in the year ended December 31, 2018, compared to total comprehensive loss of approximately €6.9 million in the year ended December 31, 2017.

EBITDA was approximately €8.7 million for the year ended December 31, 2018, compared to approximately €7.5 million for the year ended December 31, 2017.

Net cash from operating activities was approximately €6.6 million for the year ended December 31, 2018, compared to approximately €2.3 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 €29.8 million in cash and cash equivalents, approximately €0.4 million in marketable securities and approximately €6.9 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 €20.2 million (consisting of approximately €69.8 million of short-term and long-term debt from banks and other interest bearing financial obligations and approximately €51.3 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 €39 million of cash and cash equivalents and marketable securities and net of approximately €61.9 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.

Contact: Kalia Weintraub CFO Tel: +972 (3) 797-1111 Email: [email protected] Condensed Consolidated Statements of Financial Position

December 31,
2018 2017
Audited 2018
Convenience
Translation into
€ in thousands 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 the Company 78,515 78,641 89,903
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

Condensed Consolidated Statements of Comprehensive Income (in thousands, except per share data)

For the three months
ended December 31,
2017
2018
For the year For the three
months ended
December 31,
For the year ended
ended December 31,
2017
2018
2018 December 31,
2018
Unaudited Audited Unaudited Audited
€ 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
derivatives, net (308) 347 (3,156) 494 397 566
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
operations 87 (258) (359) (787) (295) (901)
Other comprehensive income items that will not be
transferred to profit or loss:
Effective portion of change in fair value of cash flow
hedges (1,036) (476) (1,244) (1,008) (545) (1,154)
Net change in fair value of cash flow hedges
transferred to profit or loss 546 348 1,382 643 398 736
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

Condensed Consolidated Statements of Changes in Equity (in thousands)

Attributable to shareholders of the Company Non
controlling
Interests
Total
Equity
Share
capital
Share
premium
Retained
earnings
(accumulated
deficit)
Treasury
shares
Translation
reserve
from
foreign
operations
€ in thousands
Hedging
Reserve
Total
For the year ended
December 31,
2018:
Balance as at
January 1, 2018
Profit for the year
Other
19,980
-
58,339
-
(299)
1,057
(1,736)
-
2,219
-
138
-
78,641
1,057
(1,141)
(453)
77,500
604
comprehensive
loss for the year
- - - - (823) (365) (1,188) 36 (1,152)
Total
comprehensive
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
For the three
months
ended December
31, 2018
(Unaudited):
Balance as at
September 30,
2018
Profit for the
period
19,980
-
58,342
-
85
673
(1,736)
-
1,679
-
(99)
-
78,251
673
(1,632)
49
76,619
722
Other
comprehensive
loss for the period
- - - - (283) (128) (411) 25 (386)
Total
comprehensive
income for the
period
- - 673 - (283) (128) 262 74 336
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

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

Attributable to shareholders of the Company Non
controlling
Interests
Total
Equity
Share
capital
Share
premium
Retained
earnings
(accumulated
deficit)
Treasury
shares
Translation
reserve
from
foreign
operations
€ in thousands
Hedging
Reserve
Total
For the year ended
December 31,
2017:
Balance as at
January 1, 2017
Loss for the year
19,980
-
58,334
-
5,816
(6,115)
(1,722)
-
2,664
-
-
-
85,072
(6,115)
(701)
(526)
84,371
(6,641)
Other
comprehensive
loss for the year
- - - - (445) 138 (307) 86 (221)
Total
comprehensive
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
Share-based
- - - (14) - - (14) - (14)
payments
Balance as at
December 31,
- 5 - - - - 5 - 5
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
Other
comprehensive
- - (1,634) - - - (1,634) (260) (1,894)
loss for the period
Total
comprehensive
- - - - (557) (490) (1,047) 59 (988)
loss for the period
Transactions with
owners of the
Company,
recognized
directly in equity:
- - (1,634) - (557) (490) (2,681) (201) (2,882)
Share-based
payments
Balance as at
- 2 - - - - 2 - 2
December 31,
2017
19,980 58,339 (299) (1,736) 2,219 138 78,641 (1,141) 77,500

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

Attributable to shareholders of the Company Non
controlling
Interests
Total
Equity
Share
capital
Share
premium
Retained
earnings
(accumulated
deficit)
Treasury
shares
Translation
reserve
from
foreign
operations
Hedging
Reserve
Convenience translation into US\$ (exchange rate as at December 31, 2018: (euro 1 = US\$ 1.145)
Total
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
Other
comprehensive
loss for the year
- - 1,211
-
- (942) (418) 1,211
(1,360)
(519)
41
692
(1,319)
Total
comprehensive
loss for the year
Transactions with
owners of the
Company,
recognized
directly in equity:
- - 1,211 - (942) (418) (149) (478) (627)
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
loss for the period
- - - - (324) (147) (471) 29 (442)
Total
comprehensive
income for the
period
Transactions with
owners of the
Company,
recognized
directly in equity:
- - 771 - (324) (147) 300 85 385
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

Condensed Consolidated Interim Statements of Cash Flow (in thousands)

For the three months ended December 31, For the year ended December 31, For the three
months ended
December 31,
For the year ended
December 31,
2017
Unaudited
2018 2017 2018 2018
Unaudited
2018
€ in thousands Audited Audited
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
investee - 1,860 407 3,036 2,130 3,476
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
obligations (1,019) (2,891) (2,224) (17,819) (3,310) (20,403)
Repayment of Debentures
Repurchase of own shares
(4,842) (4,668) (4,842) (4,668) (5,345) (5,345)
Proceeds from long term loans -
156
-
230
(14)
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
equivalents 52 44 (3,156) (133) 51 (152)
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
period 40,082 47,387 22,486 23,962 54,260 27,437
Cash and cash equivalents at the end of the period 23,962 36,882 23,962 36,882 42,231 42,231

Reconciliation of Profit (Loss) to EBITDA (in thousands)

For the three months ended December 31, For the year ended December 31, For the year ended
December 31,
2017 2018 2017 2018 2018 2018
Unaudited
€ in thousands Convenience Translation into 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

Ellomay Capital Announces the Filing of the Annual Report on Form 20-F for 2018

Tel-Aviv, Israel, March 29, 2019 – Ellomay Capital Ltd. (NYSE American; 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 announced the filing of its Annual Report on Form 20-F for the year ended December 31, 2018 with the Securities and Exchange Commission. A copy of the Annual Report on Form 20-F is available to be viewed and downloaded from the Investor Relations section of the Company's website at http://www.ellomay.com. The Company will provide a hard copy of the Annual Report on Form 20-F, including the Company's complete audited financial statements, free of charge to its shareholders upon request.

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.

Contact: Kalia Weintraub CFO Tel: +972 (3) 797-1111 Email: [email protected]

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