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Ellomay Capital Ltd.
Quarterly Report • Jun 24, 2018
6770_rns_2018-06-24_ecfac839-1286-424a-aaa2-aa2d483efa92.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 June 2018 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- ________
THE IFRS FINANCIAL RESULTS INCLUDED IN EXHIBIT 99.1 OF THIS FORM 6-K AND THE TEXT OF EXHIBIT 99.2 OF THIS FORM 6-K ARE HEREBY INCORPORATED BY REFERENCE INTO THE REGISTRANT'S REGISTRATION STATEMENTS ON FORM F-3 (NOS. 333-199696 AND 333-144171) AND FORM S-8 (NOS. 333-187533, 333-102288 AND 333-92491), AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS SUBMITTED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.
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 Three Months Ended March 31, 2018," dated June 21, 2018.
Exhibit 99.2 Press Release: "Ellomay Capital Announces Results of 2018 Annual General Meeting of Shareholders," dated June 21, 2018.
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: June 21, 2018
Exhibit 99.1
Ellomay Capital Reports Results for the Three Months Ended March 31, 2018
Revenues up 20% compared to Q1 2017 and strong cash flow from operating activities
Tel-Aviv, Israel, June 21, 2018 – 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 month period ended March 31, 2018.
Financial Highlights
Revenues were approximately €3 million for the three months ended March 31, 2018, compared to approximately €2.5 million for the three months ended March 31, 2017, representing an increase of 20%. The increase in revenues reflects the commencement of operations of a waste-to-energy project in the Netherlands and the results of the Talmei Yosef project, acquired in October 2017, for the first quarter of 2018. As a result of the accounting treatment of the Talmei Yosef project as a financial asset, out of total proceeds from the sale of electricity of approximately €0.8 million for the first quarter of 2018, only revenues related to the ongoing operation of the plant in the amount of approximately €0.2 million are recognized as revenues.
Operating expenses were approximately €0.9 million for the three months ended March 31, 2018, compared to approximately €0.5 million for the three months ended March 31, 2017. The increase in operating expenses is mainly attributable to additional operating expenses resulting from the commencement of operations of a waste-to-energy project in the Netherlands and from the Talmei Yosef project. Depreciation expenses were approximately €1.4 million for the three months ended March 31, 2018, compared to approximately €1.1 million for the three months ended March 31, 2017. The increase reflects the commencement of operations of a waste-to-energy project in the Netherlands and depreciation expenses in connection with the Talmei Yosef project.
Project development costs were approximately €0.8 million for the three months ended March 31, 2018, compared to approximately €0.7 million for the three months ended March 31, 2017. The increase in project development expenses is mainly attributable to consultancy expenses in connection with the Talasol project.
General and administrative expenses were approximately €1.2 million for the three months ended March 31, 2018, compared to approximately €0.6 million for the three months ended March 31, 2017. The increase in general and administrative expenses resulted mainly from payment of approximately €0.4 million pursuant to a VAT assessment agreement in connection with previous years in Israel and from increased expenses resulting from the commencement of operations of a waste-to-energy project in the Netherlands and from the Talmei Yosef project.
Share of profits of equity accounted investee, after elimination of intercompany transactions, was approximately €1.2 million in the three months ended March 31, 2018, compared to approximately €0.8 million in the three months ended March 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 lower financing expenses incurred by Dorad for the three months ended March 31, 2018 as a result of the CPI indexation of loans from banks and related parties.
Financing expenses, net was approximately €0.4 million for the three months ended March 31, 2018, compared to approximately €2 million for the three months ended March 31, 2017. The decrease in financing expenses was mainly due to income in connection with exchange rate differences amounting to approximately €0.9 million in the three months ended March 31, 2018, mainly in connection with the New Israeli Shekel denominated Series A Debentures and Series B Debentures and the loan to an equity accounted investee, caused by the 4% revaluation of the euro against the NIS during the three months ended March 31, 2018, compared to expenses of approximately €1.3 million for the three months ended March 31, 2017, caused by the 4% devaluation of the euro against the NIS during the three months ended March 31, 2017. This decrease was partially offset by expenses in connection with the reevaluation of the Company's euro/ US\$ forward transactions of approximately €0.6 million for the three months ended March 31, 2018, compared to expenses of 0 for the three months ended March 31, 2017.
Loss for the three months ended March 31, 2018 was approximately €0.4 million, compared to approximately €1.7 million for the three months ended March 31, 2017.
Total other comprehensive loss was approximately €1.5 million for the three months ended March 31, 2018, compared to a profit of approximately €0.7 million in the three months ended March 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 €1.9 million in the three months ended March 31, 2018, compared to total comprehensive loss of approximately €1 million in the three months ended March 31, 2017.
EBITDA was approximately €1.3 million for the three months ended March 31, 2018, compared to approximately €1.5 million for the three months ended March 31, 2017.
Net cash from operating activities was approximately €2.9 million for the three months ended March 31, 2018, compared to approximately €1.8 million for the three months ended March 31, 2017. The increase in net cash from operating activities is mainly due to interest payment received during 2018 on a loan to an equity accounted investee and from increased cash flow resulting from the commencement of operations of a waste-to-energy project in the Netherlands and Talmei Yosef project.
In May 2018, several of the Company's Italian subsidiaries (the "Subsidiaries") entered into a €35.9 million project finance Facility Agreement (the "Facility Agreement") with Mediocredito Italiano S.p.Aand Intesa Sanpaolo S.p.A. (as account bank). The €35.9 million principal amount is divided into: (i) term loan facilities in the aggregate amount of €33.7 million with terms ending in May 2028, and (ii) revolving facilities, aimed to cover financial needs for the debt service coverage in case of liquidity shortfall, in the aggregate amount of €2.2 million with terms ending in November 2027. The loans provided under the Facility Agreement bear an annual interest rate equal to the Euribor 6 month rate plus a margin of 185 basis points. The Subsidiaries entered into the swap agreements on May 29, 2018 with respect to approximately €25 million (with a decreasing notional principal amount based on the amortization table) until May 2028, replacing the Euribor 6 month rate with a fixed 6 month rate of 0.71%, resulting in a fixed annual interest rate of 2.56%. The Subsidiaries partially used the funds borrowed under the Facility Agreement to repay outstanding loans and leasing agreements in the aggregate amount of approximately €13.2 million.
As of June 1, 2018, the Company held approximately €49 million in cash and cash equivalents, approximately €2.2 million in marketable securities and approximately €5.6 million in restricted short-term and long-term cash and marketable securities.
Ran Fridrich, CEO and a board member of Ellomay commented: "The first quarter results were consistent with our forecasts for 2018. The results reflect an improvement in our profitability and a strong cash flow from operations of approximately € 3 million. We continue promoting our development activities, which include: (i) the 300 MW Talasol project in Spain, that is advancing towards financial closing; (ii) the Manara 156 MW pumped storage plant; and (iii) the Biogas projects in the Netherlands including a potential expansion of the first two biogas projects and possible additional projects."
Information for the Company's Series A and Series B Debenture Holders
As of March 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 €36.5 million (consisting of approximately €53.2 million of short-term and long-term debt from banks and other interest bearing financial obligations and approximately €55.3 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 €28 million of cash and cash equivalents and marketable securities and net of approximately €44 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 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
| Translation into € in thousands US\$ in thousands Assets Current assets: Cash and cash equivalents 25,969 23,962 31,990 Marketable securities 2,062 2,162 2,540 Restricted cash and marketable securities 3,162 3,265 3,895 Receivable from concession project 1,207 1,286 1,487 Financial assets 1,203 1,249 1,482 Trade and other receivables 10,058 10,645 12,390 43,661 42,569 53,784 Non-current assets: Investment in equity accounted investee 26,934 27,655 33,179 Advances on account of investments 8,791 8,825 10,829 Receivable from concession project 26,382 27,725 32,499 Fixed assets 79,225 78,837 97,595 Intangible asset 5,077 5,505 6,254 Restricted cash and deposits 3,495 3,660 4,305 Deferred tax 1,779 1,777 2,192 Long term receivables 1,337 1,535 1,647 153,020 155,519 188,500 Total assets 196,681 198,088 242,284 Liabilities and Equity Current liabilities: Current maturities of long term loans 3,172 3,103 3,907 Debentures 4,460 4,644 5,494 Trade payables 2,244 1,349 2,763 Other payables 3,117 2,187 3,840 12,993 11,283 16,004 Non-current liabilities: Finance lease obligations 3,605 3,690 4,441 Long-term loans 41,138 42,091 50,667 Debentures 50,873 52,987 62,669 Deferred tax 5,782 5,982 7,123 Other long-term liabilities 6,667 4,555 8,213 108,065 109,305 133,123 Total liabilities 121,058 120,588 149,127 Equity: Share capital 19,980 19,980 24,613 Share premium 58,340 58,339 71,867 Treasury shares (1,736) (1,736) (2,139) Reserves 844 2,357 1,040 Retained earnings (555) (299) (684) Total equity attributed to shareholders of the Company 76,873 78,641 94,697 Non-Controlling Interest (1,250) (1,141) (1,540) 75,623 Total equity 77,500 93,157 Total liabilities and equity 196,681 198,088 242,284 |
March 31, 2018 Unaudited |
December 31, 2017 Audited |
March 31, 2018 Unaudited Convenience |
|---|---|---|---|
* Convenience translation into US\$ (exchange rate as at March 31, 2018: euro 1 = US\$ 1.232)
Condensed Consolidated Statements of Comprehensive Income (in thousands, except per share data)
| Unaudited Audited Unaudited Convenience Translation into € in thousands € in thousands US\$ Revenues 3,032 3,375 2,523 13,636 (900) (1,109) Operating expenses (504) (2,549) Depreciation expenses (1,358) (1,673) (1,097) (4.518) Gross profit 774 953 922 6,569 Project development costs (669) (796) (2,739) (981) (590) (1,185) *(2,420) (1,460) 1,163 1,433 784 1,531 4 5 5 18 (40) 50 452 2,959 Financing income 1,331 1,640 88 1,333 (452) (557) Financing expenses in connection with derivatives and other assets, net - (3,156) Financing expenses (1,237) (1,524) (2,103) (7,405) Financing expenses, net (358) (441) (2,015) (9,228) Loss before taxes on income (398) (491) (1,563) (6,269) Taxes on income (11) (14) (116) (372) Loss for the period (409) (505) (1,679) (6,641) Loss attributable to: (256) (316) Owners of the Company (1,551) (6,115) Non-controlling interests (153) (189) (128) (526) (409) (505) Loss for the period (1,679) (6,641) (loss) were or will be transferred to profit or loss: (1,298) (1,599) (670) (359) Effective portion of change in fair value of cash flow hedges (926) (1,141) - (1,244) Net change in fair value of cash flow hedges transferred to profit or loss 755 930 - 1,382 Total other comprehensive loss (1,469) (1,810) (670) (221) (1,878) (2,315) (1,009) (6,862) (0.02) (0.03) (0.15) (0.57) (0.02) (0.03) (0.15) (0.57) |
For the three months ended March 31, 2017 |
2018 | For the year ended December 31, 2017 |
For the three months ended March 31, 2018 |
||
|---|---|---|---|---|---|---|
| General and administrative expenses | ||||||
| Share of profits of equity accounted investee | ||||||
| Other income, net | ||||||
| Operating profit (loss) | ||||||
| Other comprehensive income (loss) items that after initial recognition in comprehensive income | ||||||
| Foreign currency translation differences for foreign operations | ||||||
| Total comprehensive loss for the period | ||||||
| Basic net loss per share | ||||||
| Diluted net loss per share |
* Convenience translation into US\$ (exchange rate as at March 31, 2018: euro 1 = US\$ 1.232)
** The Company changed the income statement classification of expenses related to project development from general and administrative expenses to project development costs to reflect more appropriately their nature and the way in which economic benefits are expected to be derived from the use of such costs. Comparative amounts were reclassified for consistency.
| 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 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 Other comprehensive |
- | - | (256) | - | - | - | (256) | (153) | (409) |
| loss for the period Total |
- | - | - | - | (1,342) | (171) | (1,513) | 44 | (1,469) |
| comprehensive loss for the period Transactions with owners of the Company, recognized directly in equity: |
- | - | (256) | - | (1,342) | (171) | (1,769) | (109) | (1,878) |
| 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 |
| For the year ended December 31, 201 (audited): |
|||||||||
| Balance as at January 1, 2017 |
19,980 | 58,334 | 5,816 | (1,722) | 2,664 | - | 85,072 | (701) | 84,371 |
| Loss for the year | - | - | (6,115) | - | - | - | (6,115) | (526) | (6,641) |
| Other comprehensive loss 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 | - | - | - | (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 |
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 |
Total | ||||
| € in thousands | |||||||||
| For the three month ended March 31, 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 | - | - | (1,551) | - | - | (1,551) | (128) | (1,679) | |
| Other comprehensive loss for the | |||||||||
| period | - | - | - | - | 701 | 701 | (31) | 670 | |
| Total comprehensive loss for the | |||||||||
| period | - | - | (1,551) | - | 701 | (850) | (159) | (1,009) | |
| Transactions with owners of the Company, recognized directly in equity: |
|||||||||
| Own shares acquired | - | - | - | (13) | - | (13) | - | (13) | |
| Balance as at March 31, 2017 | 19,980 | 58,334 | 4,265 | (1,735) | 3,365 | 84,209 | (860) | 83,349 | |
| Attributable to shareholders of the Company | Non controlling Interests |
Total Equity |
|||||||
| Share capital |
Share premium |
Retained earnings (accumulated deficit) |
Treasury shares Convenience translation into US\$ (exchange rate as at March 31, 2018: (euro 1 = US\$ 1.232) |
Translation reserve from foreign operations |
Hedging Reserve |
Total | |||
| For the three | |||||||||
| month ended March 31, 2018 (unaudited): |
|||||||||
| Balance as at | |||||||||
| January 1, 2018 | 24,613 | 71,866 | (368) | (2,139) | 2,734 | 170 | 96,876 | (1,405) | 95,471 |
| Loss for the period Other |
- | - | (316) | - | - | - | (316) | (189) | (505) |
| comprehensive | |||||||||
| loss for the period | - | - | - | - | (1,653) | (211) | (1,864) | 54 | (1,810) |
| Total | |||||||||
| comprehensive | |||||||||
| loss for the period | - | - | (316) | - | (1,653) | (211) | (2,180) | (135) | (2,315) |
| Transactions with owners of the Company, recognized directly in equity: |
|||||||||
| Share-based | |||||||||
| payments | - | 1 | - | - | - | - | 1 | - | 1 |
| Balance as at March 31, 2018 |
24,613 | 71,867 | (684) | (2,139) | 1,081 | (41) | 94,697 | (1,540) | 93,157 |
Condensed Consolidated Interim Statements of Cash Flow (in thousands)
| For the three months ended March 31, 2017 Unaudited |
For the three months ended March 31, 2018 Unaudited |
For the year ended December 31, 2017 Audited |
For the three months ended March 31, 2017 Unaudited Convenience |
||
|---|---|---|---|---|---|
| € in thousands | Translation into US\$* |
||||
| Cash flows from operating activities | |||||
| Loss for the period | (1,679) | (409) | (6,641) | (505) | |
| Adjustments for: | |||||
| Financing expenses, net | 2,015 | 358 | 9,228 | 441 | |
| Depreciation | 1,097 | 1,358 | 4,518 | 1,673 | |
| Share-based payment transactions | - | 1 | 5 | 1 | |
| Share of profits of equity accounted investees | (784) | (1,163) | (1,531) | (1,433) | |
| Payment of interest on loan from an equity accounted investee | - | 1,176 | 407 | 1,449 | |
| Change in trade receivables and other receivables | (78) | 681 | 2,012 | 839 | |
| Change in other assets | 364 | 671 | 126 | 827 | |
| Change in receivables from concessions project | - | 250 | (84) | 308 | |
| Change in accrued severance pay, net | 1 | - | 2 | - | |
| Change in trade payables | 327 | 349 | (258) | 430 | |
| Change in other payables | 466 | (423) | (2,655) | (521) | |
| Taxes on income | 116 | 11 | 372 | 14 | |
| Income taxes paid | - | (1) | (42) | (1) | |
| Interest received | 88 | 395 | 505 | 487 | |
| Interest paid | (155) | (382) | (3,659) | (471) | |
| Net cash provided by operating activities | 3,457 | 2,872 | 2,305 | 3,538 | |
| Cash flows from investing activities | |||||
| Acquisition of fixed assets | (1,364) | (1,112) | (7,576) | (1,370) | |
| Acquisition of subsidiary, net of cash acquired | - | - | (9,851) | - | |
| Repayment of loan to an equity accounted investee | - | 490 | - | 604 | |
| Advances on account of investments | (36) | - | (8,000) | - | |
| Acquisition of marketable securities | (1,966) | - | (6,677) | - | |
| Proceeds from marketable securities | - | - | 1,277 | - | |
| Proceed from (invest in) settlement of derivatives, net | (2,027) | 15 | 620 | 18 | |
| Decrease in restricted cash, net | 3,329 | 79 | 3,225 | 97 | |
| Loans to others | - | - | (361) | - | |
| Net cash used in investing activities | (2,064) | (528) | (27,343) | (651) | |
| Cash flows from financing activities | |||||
| Repayment of long-term loans and finance lease obligations | (82) | (177) | (2,224) | (218) | |
| Repayment of Debentures | - | - | (4,842) | - | |
| Repurchase of own shares | (13) | - | (14) | - | |
| Proceeds from long-term loans | 1,969 | 40 | 5,575 | 49 | |
| Proceeds from issuance of debentures, net | 31,175 | - | 31,175 | - | |
| Net cash provided by (used in) financing activities | 35,049 | (137) | 29,670 | (169) | |
| Effect of exchange rate fluctuations on cash and cash equivalents | (149) | (200) | (3,156) | 572 | |
| Increase in cash and cash equivalents | 32,616 | 2,007 | 1,476 | 3,290 | |
| Cash and cash equivalents at the beginning of the period | 22,486 | 23,962 | 22,486 | 28,700 | |
| Cash and cash equivalents at the end of the period | 55,102 | 25,969 | 23,962 | 31,990 |
* Convenience translation into US\$ (exchange rate as at March 31, 2018: euro 1 = US\$ 1.232)
Reconciliation of Loss to EBITDA (in thousands)
| For the three months ended March 31, |
For the year ended December 31, |
For the three months ended March 31, |
|||
|---|---|---|---|---|---|
| 2017 | 2018 | 2017 | 2018 | ||
| Unaudited | |||||
| € in thousands | Convenience Translation into US\$* |
||||
| Net loss for the period | (1,679) | (409) | (6,641) | (505) | |
| Financing expenses, net | 2,015 | 358 | 9,228 | 441 | |
| Taxes on income | 116 | 11 | 372 | 14 | |
| Depreciation | 1,097 | 1,358 | 4,518 | 1,673 | |
| EBITDA | 1,549 | 1,318 | 7,477 | 1,623 | |
* Convenience translation into US\$ (exchange rate as at March 31, 2018: euro 1 = US\$ 1.232)
Exhibit 99.2
Ellomay Capital Announces Results of 2018 Annual General Meeting of Shareholders
Tel-Aviv, Israel, June 21, 2018 – Ellomay Capital Ltd. (NYSE American; TASE: ELLO) ("Ellomay" or the "Company"), an emerging operator in the renewable energy and energy infrastructure sector, today announced that at the annual general meeting of the Company's shareholders held on June 21, 2018 (the "AGM") the following proposals were adopted and approved by the required majority:
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- Reelection of Shlomo Nehama, Ran Fridrich, Hemi Raphael and Anita Leviant as directors;
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- Approval of extension of the Company's 1998 Share Option Plan for Non-Employee Directors;
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- Approval of extension of the Company's 2000 Stock Option Plan;
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- Approval of amendments to the Company's Second Amended and Restated Articles of Association, as more fully described in the proxy statement;
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- Approval of a new form of indemnification undertaking and exemption, which includes an undertaking to provide liability insurance, and providing such undertaking to current and future office holders, including office holders who are deemed controlling shareholders;
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- Approval of purchase of directors and officers liability insurance policy; and
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- Reappointment of Somekh Chaikin, a member of KPMG International, as the independent auditors of the Company for the fiscal year ending December 31, 2018 and until the next annual general meeting of the Company's shareholders, and authorization of the Board of Directors to approve, following the approval of the Audit Committee, the remuneration of the independent auditors in accordance with the volume and nature of their services.
The proposal relating to the reelection and terms of service of an external director was removed from the agenda.
For more information, please see the Company's Notice and Proxy Statement relating to the AGM furnished on Form 6-K to the SEC on May 17, 2018.
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 operating or developing anaerobic digestion plants with a green gas production capacity of approximately 375 Nm3/h, in Goor, the Netherlands and 475 Nm3/h, in Oude Tonge, the Netherlands, respectively.
Ellomay Capital is controlled by Mr. Shlomo Nehama, Mr. Hemi Raphael and Mr. Ran Fridrich. Mr. Nehama is one of Israel's prominent businessmen and the former Chairman of Israel's leading bank, Bank Hapohalim, and Messrs. Raphael and Fridrich both have vast experience in financial and industrial businesses. These controlling shareholders, along with Ellomay's dedicated professional management, accumulated extensive experience in recognizing suitable business opportunities worldwide. Ellomay believes the expertise of Ellomay's controlling shareholders and management enables the Company to access the capital markets, as well as assemble global institutional investors and other potential partners. As a result, we believe Ellomay is capable of considering significant and complex transactions, beyond its immediate financial resources.
For more information about Ellomay, visit http://www.ellomay.com.
Contact: Kalia Weintraub CFO Tel: +972 (3) 797-1111 Email: [email protected]