Ellomay Capital Reports Results for the Three and Six Months Ended June 30, 2019

Talasol Project reaches financial closing

Published

TEL-AVIV, Israel, Sept. 25, 2019 /PRNewswire/ -- Ellomay Capital Ltd. (NYSE American: ELLO) (TASE: ELLO) ("Ellomay" or the "Company"), a renewable energy and power generator and developer of renewable energy and power projects in Europe and Israel, today reported its unaudited financial results for the three and six months ended June 30, 2019.

Ran Fridrich, CEO and a board member of Ellomay commented: "The results for first half of 2019 reflect an increase of approximately 26% in revenues and approximately 37% in gross profit compared to the first half of 2018. These results are in line with the company's projections. Project development expenses increased by approximately €1 million compared to the corresponding period last year. An approximate change of €2 million in financing expenses resulted from currency fluctuations (devaluation of the euro against the NIS during this period resulting in expenses in the amount of approximately €1.3 million, compared to a revaluation during the corresponding period last year resulting in income of approximately €0.7 million). Total equity increased from approximately €77 million to approximately €82.6 million, mainly as a result of the premium in connection with the sale of 49% of Talasol's shares. The company generated positive operating cash flow from of approximately €1.1 million. The company continues to intensively develop projects of significant size in the solar energy sector in Italy and Spain, and is vigorously working to promote the Menara cliff project.

Construction of the Talasol project (300 MWh in Spain) is advancing as planned. Most of the infrastructure work has been completed and the installation of the facilities is expected to begin shortly. Works to construct the high voltage line (22 kilometers long) have also begun. The Talasol project is expected to be operational in Q4 2020.

The works to construct a drying silo facility in the Netherlands' biogas plant are expected to end shortly and commencing the fourth quarter of 2019 the plants are expected to produce in full capacity. In parallel, we are advancing the issuance of permits that are expected to enable doubling the amount of waste that can be processed at the existing facilities."

Financial Highlights

  • Revenues were approximately €10.3 million for the six months ended June 30, 2019, compared to approximately €8.2 million for the six months ended June 30, 2018. 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 in June 2018 and relatively higher levels of radiation in Italy during 2019 compared to 2018.
  • Operating expenses were approximately €3.5 million for the six months ended June 30, 2019, compared to approximately €2.6 million for the six months ended June 30, 2018. The increase in operating expenses is mainly attributable to additional operating expenses resulting from the commencement of operations at the Company's waste-to-energy project in Oude Tonge, the Netherlands. Depreciation expenses were approximately €3 million for the six months ended June 30, 2019, compared to approximately €2.8 million for the six months ended June 30, 2018.
  • Project development costs were approximately €2.7 million for the six months ended June 30, 2019, compared to approximately €1.8 million for the six months ended June 30, 2018. The increase in project development costs is mainly attributable to consultancy expenses in connection with the project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel, or the Manara Project.
  • General and administrative expenses were approximately €1.9 million for the six months ended June 30, 2019, compared to approximately €2 million for the six months ended June 30, 2018.
  • Company's share of profits of equity accounted investee, after elimination of intercompany transactions, was approximately €0.03 million for the six months ended June 30, 2019, compared to approximately €0.5 million in the six months ended June 30, 2018. The decrease in the Company's share of profit of equity accounted investee is mainly attributable to higher financial expenses incurred by Dorad Energy Ltd., in which the Company indirectly holds 9.375%, as a result of the CPI indexation of loans from banks and related parties.
  • Financing expenses, net was approximately €3.1 million for the six months ended June 30, 2019, compared to approximately €0.9 million for the six months ended June 30, 2018. The increase in financing expenses was mainly due to expenses in connection with exchange rate differences amounting to approximately €1.3 million in the six months ended June 30, 2019, mainly in connection with our NIS denominated Debentures and the loan to an equity accounted investee, caused by the 5.4% devaluation of the euro against the NIS during this period, compared to income in connection with exchange rate differences amounting to approximately €0.7 million in the six months ended June 30, 2018, mainly in connection with our NIS denominated Debentures and the loan to an equity accounted investee, caused by the 2.5% revaluation of the euro against the NIS during this period.
  • Taxes on income was approximately €0.5 million for the six months ended June 30, 2019, compared to a tax benefit of approximately €0.2 million for the six months ended June 30, 2018. The tax benefit for the six months ended June 30, 2018 resulted mainly from deferred tax income included in connection with the application of a tax incentive in the Netherlands claimable upon filing the relevant tax return by reducing the amount of taxable profit.
  • Net loss was approximately €4.4 million for the six months ended June 30, 2019, compared to approximately €1.1 million for the six months ended June 30, 2018.
  • Total other comprehensive loss was approximately €0.5 million for the six months ended June 30, 2019, compared to a profit of approximately €1 million for the six months ended June 30, 2018. 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 €4.9 million for the six months ended June 30, 2019, compared to approximately €2.2 million for the six months ended June 30, 2018.
  • EBITDA was approximately €2.3 million for the six months ended June 30, 2019, compared to approximately €2.4 million for the six months ended June 30, 2018.
  • Net cash from operating activities was approximately €1.1 million for the six months ended June 30, 2019, compared to approximately €2.3 million for the six months ended June 30, 2018. The decrease in net cash from operating activities is mainly due to a higher interest payment received during 2018 on a loan to an equity accounted investee.
  • On April 30, 2019, the Talasol Project reached financial closing and the Company consummated the sale of 49% of the outstanding shares of Talasol for an aggregate purchase price of approximately €16.1 million. The purchase price represents 49% of our interests in Talasol (approximately €9.8 million) plus a premium of approximately €6.3 million. Such premium, net of approximately €0.7 million associated expenses, was recognized in Equity, as the sale transaction did not result in loss of control.  
  • As of September 1, 2019, the Company held approximately €75.1 million in cash and cash equivalents, approximately €2.2 million in marketable securities and approximately €11.1 million in restricted short-term and long-term cash and marketable securities.

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 850MW, 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;
  • 100% 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 involved in a project to construct a photovoltaic plant with a peak capacity of 300MW 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 the Company's facilities (such as waste and natural gas), changes in demand and technical and other disruptions in the operations or construction of the power plants owned by the Company. These and other risks and uncertainties associated with the Company's business are described in greater detail in the filings the Company makes from time to time with Securities and Exchange Commission, including its Annual Report on Form 20-F. The forward-looking statements are made as of this date and the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

 

Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Statements of Financial Position
December 31,2018 June 30, 2019 June 30, 2019
Audited Unaudited Unaudited
  € in thousands Convenience Translationinto US$ in thousands
Assets
Current assets
Cash and cash equivalents 36,882 55,535 63,253
Marketable securities 2,132 2,204 2,510
Restricted cash and marketable securities 4,653 1,315 1,498
Receivable from concession project 1,292 1,390 1,583
Financial assets 1,282 1,354 1,542
Trade and other receivables 12,623 11,407 12,992
58,864 73,205 83,378
Non-current assets
Investment in equity accounted investee 27,746 29,158 33,210
Advances on account of investments 798 843 960
Receivable from concession project 25,710 26,510 30,194
Fixed assets 87,220 128,766 146,662
Right-of-use asset - 4,134 4,709
Intangible asset 4,882 4,987 5,680
Restricted cash and deposits 2,062 10,917 12,434
Deferred tax 2,423 2,903 3,306
Long term receivables 1,455 6,658 7,583
152,296 214,876 244,738
Total assets 211,160 288,081 328,116
Liabilities and Equity
Current liabilities
Current maturities of long term loans 5,864 6,932 7,895
Debentures 8,758 9,266 10,554
Trade payables 2,126 3,191 3,632
Other payables 3,103 2,985 3,400
19,851 22,374 25,481
Non-current liabilities
Lease liability - 3,940 4,488
Long-term loans 60,228 120,818 137,609
Debentures 42,585 40,542 46,176
Deferred tax 6,219 6,485 7,386
Other long-term liabilities 5,320 11,318 12,891
114,352 183,103 208,550
Total liabilities 134,203 205,477 234,031
Equity
Share capital 19,980 19,988 22,766
Share premium 58,344 58,358 66,469
Treasury shares (1,736) (1,736) (1,977)
Transaction reserve with non-controlling Interests - 5,614 6,394
Reserves 1,169 1,156 1,317
Accumulated deficit 758 (1,993) (2,270)
Total equity attributed to shareholders of the Company 78,515 81,387 92,699
Non-Controlling Interest (1,558) 1,217 1,386
Total equity 76,957 82,604 94,085
Total liabilities and equity 211,160 288,081 328,116
* Convenience translation into US$ (exchange rate as at June 30, 2019: euro 1 = US$ 1.139)

 

 

 

Ellomay Capital Ltd. and its Subsidiaries Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Statements of Financial Position
December 31,2018 June 30, 2019 June 30, 2019 Condensed Consolidated Statements of Comprehensive Income (in thousands, except per share data)
Audited Unaudited Unaudited For the year ended December 31, For the three months ended  June 30, For the six months ended June 30 For the six months ended June 30,
  € in thousands Convenience Translationinto US$ in thousands 2018 2018 2019 2018 2019 2019
Assets Audited Unaudited Unaudited Unaudited
Current assets   € in thousands   € in thousands   € in thousands ConvenienceTranslation into US$*
Cash and cash equivalents 36,882 55,535 63,253 Revenues 18,117 5,119 5,570 8,151 10,303 11,735
Marketable securities 2,132 2,204 2,510 Operating expenses (6,342) (1,710) (1,791) (2,610) (3,455) (3,935)
Restricted cash and marketable securities 4,653 1,315 1,498 Depreciation expenses (5,816) (1,409) (1,465) (2,767) (3,043) (3,466)
Receivable from concession project 1,292 1,390 1,583 Gross profit 5,959 2,000 2,314 2,774 3,805 4,334
Financial assets 1,282 1,354 1,542
Trade and other receivables 12,623 11,407 12,992 Project development costs (2,878) (975) (1,840) (1,771) (2,714) (3,091)
58,864 73,205 83,378 General and administrative expenses (3,600) (792) (982) (1,977) (1,879) (2,140)
Non-current assets Share of profits of equity accounted investee 2,545 (662) (1,133) 501 31 35
Investment in equity accounted investee 27,746 29,158 33,210 Other income, net 884 69 - 73 - -
Advances on account of investments 798 843 960 Operating profit (loss) 2,910 (360) (1,641) (400) (757) (862)
Receivable from concession project 25,710 26,510 30,194
Fixed assets 87,220 128,766 146,662 Financing income 2,936 475 480 1,588 870 991
Right-of-use asset - 4,134 4,709 Financing expenses in connection with derivatives and other assets,net 494 737 29 285 460 524
Intangible asset 4,882 4,987 5,680 Financing expenses (5,521) (1,769) (1,972) (2,789) (4,457) (5,076)
Restricted cash and deposits 2,062 10,917 12,434 Financing expenses, net (2,091) (557) (1,463) (916) (3,127) (3,561)
Deferred tax 2,423 2,903 3,306 Profit (loss) before taxes on income 819 (917) (3,104) (1,316) (3,884) (4,423)
Long term receivables 1,455 6,658 7,583 Tax benefit (taxes on income) (215) 193 (325) 182 (514) (585)
152,296 214,876 244,738 Profit (loss) for the period 604 (724) (3,429) (1,134) (4,398) (5,008)
Total assets 211,160 288,081 328,116 Profit (loss) attributable to:
Owners of the Company 1,057 (642) (2,040) (898) (2,751) (3,132)
Liabilities and Equity Non-controlling interests (453) (82) (1,389) (236) (1,647) (1,876)
Current liabilities Profit (loss) for the period 604 (724) (3,429) (1,134) (4,398) (5,008)
Current maturities of long term loans 5,864 6,932 7,895 Other comprehensive income (loss) items that after
Debentures 8,758 9,266 10,554 initial recognition in comprehensive income (loss)
Trade payables 2,126 3,191 3,632 were or will be transferred to profit or loss:
Other payables 3,103 2,985 3,400 Foreign currency translation differences for foreign operations (787) 499 (250) (799) 982 1,119
19,851 22,374 25,481
Non-current liabilities Effective portion of change in fair value of cash flow hedges (1,008) 202 (718) (724) (368) (419)
Lease liability - 3,940 4,488 Net change in fair value of cash flow hedges transferred toprofit or loss   643   (277)   (94)   478   (1,104)   (1,257)
Long-term loans 60,228 120,818 137,609 Total other comprehensive income (loss) (1,152)   424   (1,062) (1,045) (490) (557)
Debentures 42,585 40,542 46,176 Total comprehensive loss for the period (548) (300) (4,491) (2,179) (4,888) (5,565)
Deferred tax 6,219 6,485 7,386
Other long-term liabilities 5,320 11,318 12,891 Basic net earnings (loss) per share 0.10 (0.06) (0.19) (0.08) (0.26) (0.29)
114,352 183,103 208,550 Diluted net earnings (loss) per share 0.10 (0.06) (0.19) (0.08) (0.26) (0.29)
Total liabilities 134,203 205,477 234,031
               * Convenience translation into US$ (exchange rate as at June 30, 2019: euro 1 = US$ 1.139)
Equity
Share capital 19,980 19,988 22,766
Share premium 58,344 58,358 66,469
Treasury shares (1,736) (1,736) (1,977)
Transaction reserve with non-controlling Interests - 5,614 6,394
Reserves 1,169 1,156 1,317
Accumulated deficit 758 (1,993) (2,270)
Total equity attributed to shareholders of the Company 78,515 81,387 92,699
Non-Controlling Interest (1,558) 1,217 1,386
Total equity 76,957 82,604 94,085
Total liabilities and equity 211,160 288,081 328,116
* Convenience translation into US$ (exchange rate as at June 30, 2019: euro 1 = US$ 1.139)

 

 

 

Ellomay Capital Ltd. and its Subsidiaries Ellomay Capital Ltd. and its Subsidiaries Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Statements of Financial Position
December 31,2018 June 30, 2019 June 30, 2019 Condensed Consolidated Statements of Comprehensive Income (in thousands, except per share data) Condensed Consolidated Statements of Changes in Equity (in thousands)
Audited Unaudited Unaudited For the year ended December 31, For the three months ended  June 30, For the six months ended June 30 For the six months ended June 30,
  € in thousands Convenience Translationinto US$ in thousands 2018 2018 2019 2018 2019 2019
Assets Audited Unaudited Unaudited Unaudited Attributable to shareholders of the Company Non-controlling Interests Total Equity
Current assets   € in thousands   € in thousands   € in thousands ConvenienceTranslation into US$* Share capital Share Premium Retained earnings (accumulated deficit) Treasury shares Translation reserve from foreign operations Hedging Reserve Transaction reserve with non-controlling interests Total
Cash and cash equivalents 36,882 55,535 63,253 Revenues 18,117 5,119 5,570 8,151 10,303 11,735 € in thousands
Marketable securities 2,132 2,204 2,510 Operating expenses (6,342) (1,710) (1,791) (2,610) (3,455) (3,935) For the six month ended June 30, 2019:
Restricted cash and marketable securities 4,653 1,315 1,498 Depreciation expenses (5,816) (1,409) (1,465) (2,767) (3,043) (3,466) Balance as at January 1, 2019 19,980 58,344 758 (1,736) 1,396 (227) - 78,515 (1,558) 76,957
Receivable from concession project 1,292 1,390 1,583 Gross profit 5,959 2,000 2,314 2,774 3,805 4,334 Loss for the period - - (2,751) - - - - (2,751) (1,647) (4,398)
Financial assets 1,282 1,354 1,542 Other comprehensive loss for the period - - - - 1,459 (1,472) - (13) (477) (490)
Trade and other receivables 12,623 11,407 12,992 Project development costs (2,878) (975) (1,840) (1,771) (2,714) (3,091) Total comprehensive loss for the period - - (2,751) - 1,459 (1,472) - (2,764) (2,124) (4,888)
58,864 73,205 83,378 General and administrative expenses (3,600) (792) (982) (1,977) (1,879) (2,140)
Non-current assets Share of profits of equity accounted investee 2,545 (662) (1,133) 501 31 35 Transactions with owners of the
Investment in equity accounted investee 27,746 29,158 33,210 Other income, net 884 69 - 73 - -  Company, recognized directly in equity:
Advances on account of investments 798 843 960 Operating profit (loss) 2,910 (360) (1,641) (400) (757) (862) Sale of shares in subsidiaries to
Receivable from concession project 25,710 26,510 30,194 non-controlling interests - - - - - - 5,614 5,614 4,899 10,513
Fixed assets 87,220 128,766 146,662 Financing income 2,936 475 480 1,588 870 991 Options exercise 8 11 - - - - - 19 - 19
Right-of-use asset - 4,134 4,709 Financing expenses in connection with derivatives and other assets,net 494 737 29 285 460 524 Share-based payments - 3 - - - - - 3 - 3
Intangible asset 4,882 4,987 5,680 Financing expenses (5,521) (1,769) (1,972) (2,789) (4,457) (5,076)
Restricted cash and deposits 2,062 10,917 12,434 Financing expenses, net (2,091) (557) (1,463) (916) (3,127) (3,561) Balance as at June 30, 2019 19,988 58,358 (1,993) (1,736) 2,855 (1,699) 5,614 81,387 1,217 82,604
Deferred tax 2,423 2,903 3,306 Profit (loss) before taxes on income 819 (917) (3,104) (1,316) (3,884) (4,423)
Long term receivables 1,455 6,658 7,583 Tax benefit (taxes on income) (215) 193 (325) 182 (514) (585)
152,296 214,876 244,738 Profit (loss) for the period 604 (724) (3,429) (1,134) (4,398) (5,008)
Total assets 211,160 288,081 328,116 Profit (loss) attributable to:
Owners of the Company 1,057 (642) (2,040) (898) (2,751) (3,132)
Liabilities and Equity Non-controlling interests (453) (82) (1,389) (236) (1,647) (1,876)
Current liabilities Profit (loss) for the period 604 (724) (3,429) (1,134) (4,398) (5,008)
Current maturities of long term loans 5,864 6,932 7,895 Other comprehensive income (loss) items that after
Debentures 8,758 9,266 10,554 initial recognition in comprehensive income (loss)
Trade payables 2,126 3,191 3,632 were or will be transferred to profit or loss:
Other payables 3,103 2,985 3,400 Foreign currency translation differences for foreign operations (787) 499 (250) (799) 982 1,119
19,851 22,374 25,481
Non-current liabilities Effective portion of change in fair value of cash flow hedges (1,008) 202 (718) (724) (368) (419)
Lease liability - 3,940 4,488 Net change in fair value of cash flow hedges transferred toprofit or loss   643   (277)   (94)   478   (1,104)   (1,257)
Long-term loans 60,228 120,818 137,609 Total other comprehensive income (loss) (1,152)   424   (1,062) (1,045) (490) (557)
Debentures 42,585 40,542 46,176 Total comprehensive loss for the period (548) (300) (4,491) (2,179) (4,888) (5,565)
Deferred tax 6,219 6,485 7,386
Other long-term liabilities 5,320 11,318 12,891 Basic net earnings (loss) per share 0.10 (0.06) (0.19) (0.08) (0.26) (0.29)
114,352 183,103 208,550 Diluted net earnings (loss) per share 0.10 (0.06) (0.19) (0.08) (0.26) (0.29)
Total liabilities 134,203 205,477 234,031
               * Convenience translation into US$ (exchange rate as at June 30, 2019: euro 1 = US$ 1.139)
Equity
Share capital 19,980 19,988 22,766
Share premium 58,344 58,358 66,469
Treasury shares (1,736) (1,736) (1,977)
Transaction reserve with non-controlling Interests - 5,614 6,394
Reserves 1,169 1,156 1,317
Accumulated deficit 758 (1,993) (2,270)
Total equity attributed to shareholders of the Company 78,515 81,387 92,699
Non-Controlling Interest (1,558) 1,217 1,386
Total equity 76,957 82,604 94,085
Total liabilities and equity 211,160 288,081 328,116
* Convenience translation into US$ (exchange rate as at June 30, 2019: euro 1 = US$ 1.139)

 

 

 

Ellomay Capital Ltd. and its Subsidiaries Ellomay Capital Ltd. and its Subsidiaries Ellomay Capital Ltd. and its Subsidiaries Attributable to shareholders of the Company Non- controlling Interests Total Equity
Condensed Consolidated Statements of Financial Position Share capital Share Premium Retained earnings (accumulated deficit) Treasury Shares Translation reserve from foreign operations Hedging Reserve Transaction reserve with non-controlling Interests Total
December 31,2018 June 30, 2019 June 30, 2019 Condensed Consolidated Statements of Comprehensive Income (in thousands, except per share data) Condensed Consolidated Statements of Changes in Equity (in thousands) US$ in thousands*
Audited Unaudited Unaudited For the year ended December 31, For the three months ended  June 30, For the six months ended June 30 For the six months ended June 30, For the six month ended June 30, 2019:
  € in thousands Convenience Translationinto US$ in thousands 2018 2018 2019 2018 2019 2019 Balance as at January 1, 2019 22,757 66,453 862 (1,977) 1,590 (259) - 89,426 (1,775) 87,651
Assets Audited Unaudited Unaudited Unaudited Attributable to shareholders of the Company Non-controlling Interests Total Equity Loss for the period - - (3,132) - - - - (3,132) (1,876) (5,008)
Current assets   € in thousands   € in thousands   € in thousands ConvenienceTranslation into US$* Share capital Share Premium Retained earnings (accumulated deficit) Treasury shares Translation reserve from foreign operations Hedging Reserve Transaction reserve with non-controlling interests Total Other comprehensive loss for the period - - - - 1,662 (1,676) - (14) (543) (557)
Cash and cash equivalents 36,882 55,535 63,253 Revenues 18,117 5,119 5,570 8,151 10,303 11,735 € in thousands Total comprehensive loss for the period - - (3,132) - 1,662 (1,676) - (3,146) (2,419) (5,565)
Marketable securities 2,132 2,204 2,510 Operating expenses (6,342) (1,710) (1,791) (2,610) (3,455) (3,935) For the six month ended June 30, 2019:
Restricted cash and marketable securities 4,653 1,315 1,498 Depreciation expenses (5,816) (1,409) (1,465) (2,767) (3,043) (3,466) Balance as at January 1, 2019 19,980 58,344 758 (1,736) 1,396 (227) - 78,515 (1,558) 76,957 Transactions with owners of the
Receivable from concession project 1,292 1,390 1,583 Gross profit 5,959 2,000 2,314 2,774 3,805 4,334 Loss for the period - - (2,751) - - - - (2,751) (1,647) (4,398)  Company, recognized directly in equity:
Financial assets 1,282 1,354 1,542 Other comprehensive loss for the period - - - - 1,459 (1,472) - (13) (477) (490) Sale of shares in subsidiaries to
Trade and other receivables 12,623 11,407 12,992 Project development costs (2,878) (975) (1,840) (1,771) (2,714) (3,091) Total comprehensive loss for the period - - (2,751) - 1,459 (1,472) - (2,764) (2,124) (4,888) non-controlling interests - - - - - - 6,394 6,394 5,580 11,974
58,864 73,205 83,378 General and administrative expenses (3,600) (792) (982) (1,977) (1,879) (2,140) Options exercise 9 13 - - - - - 22 - 22
Non-current assets Share of profits of equity accounted investee 2,545 (662) (1,133) 501 31 35 Transactions with owners of the Share-based payments - 3 - - - - - 3 - 3
Investment in equity accounted investee 27,746 29,158 33,210 Other income, net 884 69 - 73 - -  Company, recognized directly in equity:
Advances on account of investments 798 843 960 Operating profit (loss) 2,910 (360) (1,641) (400) (757) (862) Sale of shares in subsidiaries to Balance as at June 30, 2019 22,766 66,469 (2,270) (1,977) 3,252 (1,935) 6,394 92,699 1,386 94,085
Receivable from concession project 25,710 26,510 30,194 non-controlling interests - - - - - - 5,614 5,614 4,899 10,513
Fixed assets 87,220 128,766 146,662 Financing income 2,936 475 480 1,588 870 991 Options exercise 8 11 - - - - - 19 - 19
Right-of-use asset - 4,134 4,709 Financing expenses in connection with derivatives and other assets,net 494 737 29 285 460 524 Share-based payments - 3 - - - - - 3 - 3
Intangible asset 4,882 4,987 5,680 Financing expenses (5,521) (1,769) (1,972) (2,789) (4,457) (5,076) * Convenience translation into US$ (exchange rate as at June 30, 2019: euro 1 = US$ 1.139)
Restricted cash and deposits 2,062 10,917 12,434 Financing expenses, net (2,091) (557) (1,463) (916) (3,127) (3,561) Balance as at June 30, 2019 19,988 58,358 (1,993) (1,736) 2,855 (1,699) 5,614 81,387 1,217 82,604
Deferred tax 2,423 2,903 3,306 Profit (loss) before taxes on income 819 (917) (3,104) (1,316) (3,884) (4,423)
Long term receivables 1,455 6,658 7,583 Tax benefit (taxes on income) (215) 193 (325) 182 (514) (585)
152,296 214,876 244,738 Profit (loss) for the period 604 (724) (3,429) (1,134) (4,398) (5,008)
Total assets 211,160 288,081 328,116 Profit (loss) attributable to:
Owners of the Company 1,057 (642) (2,040) (898) (2,751) (3,132)
Liabilities and Equity Non-controlling interests (453) (82) (1,389) (236) (1,647) (1,876)
Current liabilities Profit (loss) for the period 604 (724) (3,429) (1,134) (4,398) (5,008)
Current maturities of long term loans 5,864 6,932 7,895 Other comprehensive income (loss) items that after
Debentures 8,758 9,266 10,554 initial recognition in comprehensive income (loss)
Trade payables 2,126 3,191 3,632 were or will be transferred to profit or loss:
Other payables 3,103 2,985 3,400 Foreign currency translation differences for foreign operations (787) 499 (250) (799) 982 1,119
19,851 22,374 25,481
Non-current liabilities Effective portion of change in fair value of cash flow hedges (1,008) 202 (718) (724) (368) (419)
Lease liability - 3,940 4,488 Net change in fair value of cash flow hedges transferred toprofit or loss   643   (277)   (94)   478   (1,104)   (1,257)
Long-term loans 60,228 120,818 137,609 Total other comprehensive income (loss) (1,152)   424   (1,062) (1,045) (490) (557)
Debentures 42,585 40,542 46,176 Total comprehensive loss for the period (548) (300) (4,491) (2,179) (4,888) (5,565)
Deferred tax 6,219 6,485 7,386
Other long-term liabilities 5,320 11,318 12,891 Basic net earnings (loss) per share 0.10 (0.06) (0.19) (0.08) (0.26) (0.29)
114,352 183,103 208,550 Diluted net earnings (loss) per share 0.10 (0.06) (0.19) (0.08) (0.26) (0.29)
Total liabilities 134,203 205,477 234,031
               * Convenience translation into US$ (exchange rate as at June 30, 2019: euro 1 = US$ 1.139)
Equity
Share capital 19,980 19,988 22,766
Share premium 58,344 58,358 66,469
Treasury shares (1,736) (1,736) (1,977)
Transaction reserve with non-controlling Interests - 5,614 6,394
Reserves 1,169 1,156 1,317
Accumulated deficit 758 (1,993) (2,270)
Total equity attributed to shareholders of the Company 78,515 81,387 92,699
Non-Controlling Interest (1,558) 1,217 1,386
Total equity 76,957 82,604 94,085
Total liabilities and equity 211,160 288,081 328,116
* Convenience translation into US$ (exchange rate as at June 30, 2019: euro 1 = US$ 1.139)

 

Ellomay Capital Ltd. and its Subsidiaries Ellomay Capital Ltd. and its Subsidiaries Ellomay Capital Ltd. and its Subsidiaries Attributable to shareholders of the Company Non- controlling Interests Total Equity Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Statements of Financial Position Share capital Share Premium Retained earnings (accumulated deficit) Treasury Shares Translation reserve from foreign operations Hedging Reserve Transaction reserve with non-controlling Interests Total
December 31,2018 June 30, 2019 June 30, 2019 Condensed Consolidated Statements of Comprehensive Income (in thousands, except per share data) Condensed Consolidated Statements of Changes in Equity (in thousands) US$ in thousands* Condensed Consolidated Statements of Changes in Equity (in thousands)
Audited Unaudited Unaudited For the year ended December 31, For the three months ended  June 30, For the six months ended June 30 For the six months ended June 30, For the six month ended June 30, 2019:
  € in thousands Convenience Translationinto US$ in thousands 2018 2018 2019 2018 2019 2019 Balance as at January 1, 2019 22,757 66,453 862 (1,977) 1,590 (259) - 89,426 (1,775) 87,651
Assets Audited Unaudited Unaudited Unaudited Attributable to shareholders of the Company Non-controlling Interests Total Equity Loss for the period - - (3,132) - - - - (3,132) (1,876) (5,008) Attributable to shareholders of the Company Non-controlling Interests Total Equity
Current assets   € in thousands   € in thousands   € in thousands ConvenienceTranslation into US$* Share capital Share Premium Retained earnings (accumulated deficit) Treasury shares Translation reserve from foreign operations Hedging Reserve Transaction reserve with non-controlling interests Total Other comprehensive loss for the period - - - - 1,662 (1,676) - (14) (543) (557) Share capital Share Premium Retained earnings (accumulated deficit) Treasury shares Translation reserve from foreign operations Hedging Reserve Transaction reserve with non-controlling interests Total
Cash and cash equivalents 36,882 55,535 63,253 Revenues 18,117 5,119 5,570 8,151 10,303 11,735 € in thousands Total comprehensive loss for the period - - (3,132) - 1,662 (1,676) - (3,146) (2,419) (5,565) € in thousands
Marketable securities 2,132 2,204 2,510 Operating expenses (6,342) (1,710) (1,791) (2,610) (3,455) (3,935) For the six month ended June 30, 2019: For the three month ended June 30, 2019:
Restricted cash and marketable securities 4,653 1,315 1,498 Depreciation expenses (5,816) (1,409) (1,465) (2,767) (3,043) (3,466) Balance as at January 1, 2019 19,980 58,344 758 (1,736) 1,396 (227) - 78,515 (1,558) 76,957 Transactions with owners of the Balance as at March 31, 2019 19,988 58,356 47 (1,736) 2,710 (887) - 78,478 (1,898) 76,580
Receivable from concession project 1,292 1,390 1,583 Gross profit 5,959 2,000 2,314 2,774 3,805 4,334 Loss for the period - - (2,751) - - - - (2,751) (1,647) (4,398)  Company, recognized directly in equity: Loss for the period - - (2,040) - - - - (2,040) (1,389) (3,429)
Financial assets 1,282 1,354 1,542 Other comprehensive loss for the period - - - - 1,459 (1,472) - (13) (477) (490) Sale of shares in subsidiaries to Other comprehensive loss for the period - - - - 145 (812) - (667) (395) (1,062)
Trade and other receivables 12,623 11,407 12,992 Project development costs (2,878) (975) (1,840) (1,771) (2,714) (3,091) Total comprehensive loss for the period - - (2,751) - 1,459 (1,472) - (2,764) (2,124) (4,888) non-controlling interests - - - - - - 6,394 6,394 5,580 11,974 Total comprehensive loss for the period - - (2,040) - 145 (812) - (2,707) (1,784) (4,491)
58,864 73,205 83,378 General and administrative expenses (3,600) (792) (982) (1,977) (1,879) (2,140) Options exercise 9 13 - - - - - 22 - 22
Non-current assets Share of profits of equity accounted investee 2,545 (662) (1,133) 501 31 35 Transactions with owners of the Share-based payments - 3 - - - - - 3 - 3 Transactions with owners of the
Investment in equity accounted investee 27,746 29,158 33,210 Other income, net 884 69 - 73 - -  Company, recognized directly in equity:  Company, recognized directly in equity:
Advances on account of investments 798 843 960 Operating profit (loss) 2,910 (360) (1,641) (400) (757) (862) Sale of shares in subsidiaries to Balance as at June 30, 2019 22,766 66,469 (2,270) (1,977) 3,252 (1,935) 6,394 92,699 1,386 94,085 Sale of shares in subsidiaries to
Receivable from concession project 25,710 26,510 30,194 non-controlling interests - - - - - - 5,614 5,614 4,899 10,513 non-controlling interests - - - - - - 5,614 5,614 4,899 10,513
Fixed assets 87,220 128,766 146,662 Financing income 2,936 475 480 1,588 870 991 Options exercise 8 11 - - - - - 19 - 19 Options exercise - - - - - - - - - -
Right-of-use asset - 4,134 4,709 Financing expenses in connection with derivatives and other assets,net 494 737 29 285 460 524 Share-based payments - 3 - - - - - 3 - 3 Share-based payments - 2 - - - - - 2 - 2
Intangible asset 4,882 4,987 5,680 Financing expenses (5,521) (1,769) (1,972) (2,789) (4,457) (5,076) * Convenience translation into US$ (exchange rate as at June 30, 2019: euro 1 = US$ 1.139)
Restricted cash and deposits 2,062 10,917 12,434 Financing expenses, net (2,091) (557) (1,463) (916) (3,127) (3,561) Balance as at June 30, 2019 19,988 58,358 (1,993) (1,736) 2,855 (1,699) 5,614 81,387 1,217 82,604 Balance as at June 30, 2019 19,988 58,358 (1,993) (1,736) 2,855 (1,699) 5,614 81,387 1,217 82,604
Deferred tax 2,423 2,903 3,306 Profit (loss) before taxes on income 819 (917) (3,104) (1,316) (3,884) (4,423)
Long term receivables 1,455 6,658 7,583 Tax benefit (taxes on income) (215) 193 (325) 182 (514) (585)
152,296 214,876 244,738 Profit (loss) for the period 604 (724) (3,429) (1,134) (4,398) (5,008)
Total assets 211,160 288,081 328,116 Profit (loss) attributable to:
Owners of the Company 1,057 (642) (2,040) (898) (2,751) (3,132)
Liabilities and Equity Non-controlling interests (453) (82) (1,389) (236) (1,647) (1,876)
Current liabilities Profit (loss) for the period 604 (724) (3,429) (1,134) (4,398) (5,008)
Current maturities of long term loans 5,864 6,932 7,895 Other comprehensive income (loss) items that after
Debentures 8,758 9,266 10,554 initial recognition in comprehensive income (loss)
Trade payables 2,126 3,191 3,632 were or will be transferred to profit or loss:
Other payables 3,103 2,985 3,400 Foreign currency translation differences for foreign operations (787) 499 (250) (799) 982 1,119
19,851 22,374 25,481
Non-current liabilities Effective portion of change in fair value of cash flow hedges (1,008) 202 (718) (724) (368) (419)
Lease liability - 3,940 4,488 Net change in fair value of cash flow hedges transferred toprofit or loss   643   (277)   (94)   478   (1,104)   (1,257)
Long-term loans 60,228 120,818 137,609 Total other comprehensive income (loss) (1,152)   424   (1,062) (1,045) (490) (557)
Debentures 42,585 40,542 46,176 Total comprehensive loss for the period (548) (300) (4,491) (2,179) (4,888) (5,565)
Deferred tax 6,219 6,485 7,386
Other long-term liabilities 5,320 11,318 12,891 Basic net earnings (loss) per share 0.10 (0.06) (0.19) (0.08) (0.26) (0.29)
114,352 183,103 208,550 Diluted net earnings (loss) per share 0.10 (0.06) (0.19) (0.08) (0.26) (0.29)
Total liabilities 134,203 205,477 234,031
               * Convenience translation into US$ (exchange rate as at June 30, 2019: euro 1 = US$ 1.139)
Equity
Share capital 19,980 19,988 22,766
Share premium 58,344 58,358 66,469
Treasury shares (1,736) (1,736) (1,977)
Transaction reserve with non-controlling Interests - 5,614 6,394
Reserves 1,169 1,156 1,317
Accumulated deficit 758 (1,993) (2,270)
Total equity attributed to shareholders of the Company 78,515 81,387 92,699
Non-Controlling Interest (1,558) 1,217 1,386
Total equity 76,957 82,604 94,085
Total liabilities and equity 211,160 288,081 328,116
* Convenience translation into US$ (exchange rate as at June 30, 2019: euro 1 = US$ 1.139)

 

 

 

Ellomay Capital Ltd. and its Subsidiaries Ellomay Capital Ltd. and its Subsidiaries Ellomay Capital Ltd. and its Subsidiaries Attributable to shareholders of the Company Non- controlling Interests Total Equity Ellomay Capital Ltd. and its Subsidiaries Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Statements of Financial Position Share capital Share Premium Retained earnings (accumulated deficit) Treasury Shares Translation reserve from foreign operations Hedging Reserve Transaction reserve with non-controlling Interests Total
December 31,2018 June 30, 2019 June 30, 2019 Condensed Consolidated Statements of Comprehensive Income (in thousands, except per share data) Condensed Consolidated Statements of Changes in Equity (in thousands) US$ in thousands* Condensed Consolidated Statements of Changes in Equity (in thousands) Condensed Consolidated Interim Statements of Changes in Equity (in thousands) (cont'd)
Audited Unaudited Unaudited For the year ended December 31, For the three months ended  June 30, For the six months ended June 30 For the six months ended June 30, For the six month ended June 30, 2019:
  € in thousands Convenience Translationinto US$ in thousands 2018 2018 2019 2018 2019 2019 Balance as at January 1, 2019 22,757 66,453 862 (1,977) 1,590 (259) - 89,426 (1,775) 87,651 Attributable to shareholders of the Company Non-controlling Interests Total Equity
Assets Audited Unaudited Unaudited Unaudited Attributable to shareholders of the Company Non-controlling Interests Total Equity Loss for the period - - (3,132) - - - - (3,132) (1,876) (5,008) Attributable to shareholders of the Company Non-controlling Interests Total Equity Share capital Share premium Retained earnings (accumulated deficit) Treasury shares Translationreserve from foreignoperations Hedging Reserve Total
Current assets   € in thousands   € in thousands   € in thousands ConvenienceTranslation into US$* Share capital Share Premium Retained earnings (accumulated deficit) Treasury shares Translation reserve from foreign operations Hedging Reserve Transaction reserve with non-controlling interests Total Other comprehensive loss for the period - - - - 1,662 (1,676) - (14) (543) (557) Share capital Share Premium Retained earnings (accumulated deficit) Treasury shares Translation reserve from foreign operations Hedging Reserve Transaction reserve with non-controlling interests Total € in thousands
Cash and cash equivalents 36,882 55,535 63,253 Revenues 18,117 5,119 5,570 8,151 10,303 11,735 € in thousands Total comprehensive loss for the period - - (3,132) - 1,662 (1,676) - (3,146) (2,419) (5,565) € in thousands
Marketable securities 2,132 2,204 2,510 Operating expenses (6,342) (1,710) (1,791) (2,610) (3,455) (3,935) For the six month ended June 30, 2019: For the three month ended June 30, 2019: For the year ended December 31, 2018:
Restricted cash and marketable securities 4,653 1,315 1,498 Depreciation expenses (5,816) (1,409) (1,465) (2,767) (3,043) (3,466) Balance as at January 1, 2019 19,980 58,344 758 (1,736) 1,396 (227) - 78,515 (1,558) 76,957 Transactions with owners of the Balance as at March 31, 2019 19,988 58,356 47 (1,736) 2,710 (887) - 78,478 (1,898) 76,580
Receivable from concession project 1,292 1,390 1,583 Gross profit 5,959 2,000 2,314 2,774 3,805 4,334 Loss for the period - - (2,751) - - - - (2,751) (1,647) (4,398)  Company, recognized directly in equity: Loss for the period - - (2,040) - - - - (2,040) (1,389) (3,429) Balance as at January 1, 2018 19,980 58,339 (299) (1,736) 2,219 138 78,641 (1,141) 77,500
Financial assets 1,282 1,354 1,542 Other comprehensive loss for the period - - - - 1,459 (1,472) - (13) (477) (490) Sale of shares in subsidiaries to Other comprehensive loss for the period - - - - 145 (812) - (667) (395) (1,062) Profit for the year - - 1,057 - - - 1,057 (453) 604
Trade and other receivables 12,623 11,407 12,992 Project development costs (2,878) (975) (1,840) (1,771) (2,714) (3,091) Total comprehensive loss for the period - - (2,751) - 1,459 (1,472) - (2,764) (2,124) (4,888) non-controlling interests - - - - - - 6,394 6,394 5,580 11,974 Total comprehensive loss for the period - - (2,040) - 145 (812) - (2,707) (1,784) (4,491) Other comprehensive income (loss) for the year - - - - (823) (365) (1,188) 36 (1,152)
58,864 73,205 83,378 General and administrative expenses (3,600) (792) (982) (1,977) (1,879) (2,140) Options exercise 9 13 - - - - - 22 - 22 Total comprehensive income (loss) for the year - - 1,057 - (823) (365) (131) (417) (548)
Non-current assets Share of profits of equity accounted investee 2,545 (662) (1,133) 501 31 35 Transactions with owners of the Share-based payments - 3 - - - - - 3 - 3 Transactions with owners of the
Investment in equity accounted investee 27,746 29,158 33,210 Other income, net 884 69 - 73 - -  Company, recognized directly in equity:  Company, recognized directly in equity: Transactions with owners of the
Advances on account of investments 798 843 960 Operating profit (loss) 2,910 (360) (1,641) (400) (757) (862) Sale of shares in subsidiaries to Balance as at June 30, 2019 22,766 66,469 (2,270) (1,977) 3,252 (1,935) 6,394 92,699 1,386 94,085 Sale of shares in subsidiaries to  Company, recognized directly in equity:
Receivable from concession project 25,710 26,510 30,194 non-controlling interests - - - - - - 5,614 5,614 4,899 10,513 non-controlling interests - - - - - - 5,614 5,614 4,899 10,513 Share-based payments - 5 - - - - 5 - 5
Fixed assets 87,220 128,766 146,662 Financing income 2,936 475 480 1,588 870 991 Options exercise 8 11 - - - - - 19 - 19 Options exercise - - - - - - - - - -
Right-of-use asset - 4,134 4,709 Financing expenses in connection with derivatives and other assets,net 494 737 29 285 460 524 Share-based payments - 3 - - - - - 3 - 3 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
Intangible asset 4,882 4,987 5,680 Financing expenses (5,521) (1,769) (1,972) (2,789) (4,457) (5,076) * Convenience translation into US$ (exchange rate as at June 30, 2019: euro 1 = US$ 1.139)
Restricted cash and deposits 2,062 10,917 12,434 Financing expenses, net (2,091) (557) (1,463) (916) (3,127) (3,561) Balance as at June 30, 2019 19,988 58,358 (1,993) (1,736) 2,855 (1,699) 5,614 81,387 1,217 82,604 Balance as at June 30, 2019 19,988 58,358 (1,993) (1,736) 2,855 (1,699) 5,614 81,387 1,217 82,604
Deferred tax 2,423 2,903 3,306 Profit (loss) before taxes on income 819 (917) (3,104) (1,316) (3,884) (4,423)
Long term receivables 1,455 6,658 7,583 Tax benefit (taxes on income) (215) 193 (325) 182 (514) (585)
152,296 214,876 244,738 Profit (loss) for the period 604 (724) (3,429) (1,134) (4,398) (5,008)
Total assets 211,160 288,081 328,116 Profit (loss) attributable to:
Owners of the Company 1,057 (642) (2,040) (898) (2,751) (3,132)
Liabilities and Equity Non-controlling interests (453) (82) (1,389) (236) (1,647) (1,876)
Current liabilities Profit (loss) for the period 604 (724) (3,429) (1,134) (4,398) (5,008)
Current maturities of long term loans 5,864 6,932 7,895 Other comprehensive income (loss) items that after
Debentures 8,758 9,266 10,554 initial recognition in comprehensive income (loss)
Trade payables 2,126 3,191 3,632 were or will be transferred to profit or loss:
Other payables 3,103 2,985 3,400 Foreign currency translation differences for foreign operations (787) 499 (250) (799) 982 1,119
19,851 22,374 25,481
Non-current liabilities Effective portion of change in fair value of cash flow hedges (1,008) 202 (718) (724) (368) (419)
Lease liability - 3,940 4,488 Net change in fair value of cash flow hedges transferred toprofit or loss   643   (277)   (94)   478   (1,104)   (1,257)
Long-term loans 60,228 120,818 137,609 Total other comprehensive income (loss) (1,152)   424   (1,062) (1,045) (490) (557)
Debentures 42,585 40,542 46,176 Total comprehensive loss for the period (548) (300) (4,491) (2,179) (4,888) (5,565)
Deferred tax 6,219 6,485 7,386
Other long-term liabilities 5,320 11,318 12,891 Basic net earnings (loss) per share 0.10 (0.06) (0.19) (0.08) (0.26) (0.29)
114,352 183,103 208,550 Diluted net earnings (loss) per share 0.10 (0.06) (0.19) (0.08) (0.26) (0.29)
Total liabilities 134,203 205,477 234,031
               * Convenience translation into US$ (exchange rate as at June 30, 2019: euro 1 = US$ 1.139)
Equity
Share capital 19,980 19,988 22,766
Share premium 58,344 58,358 66,469
Treasury shares (1,736) (1,736) (1,977)
Transaction reserve with non-controlling Interests - 5,614 6,394
Reserves 1,169 1,156 1,317
Accumulated deficit 758 (1,993) (2,270)
Total equity attributed to shareholders of the Company 78,515 81,387 92,699
Non-Controlling Interest (1,558) 1,217 1,386
Total equity 76,957 82,604 94,085
Total liabilities and equity 211,160 288,081 328,116
* Convenience translation into US$ (exchange rate as at June 30, 2019: euro 1 = US$ 1.139)

 

 

 

Ellomay Capital Ltd. and its Subsidiaries Ellomay Capital Ltd. and its Subsidiaries Ellomay Capital Ltd. and its Subsidiaries Attributable to shareholders of the Company Non- controlling Interests Total Equity Ellomay Capital Ltd. and its Subsidiaries Ellomay Capital Ltd. and its Subsidiaries Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Statements of Financial Position Share capital Share Premium Retained earnings (accumulated deficit) Treasury Shares Translation reserve from foreign operations Hedging Reserve Transaction reserve with non-controlling Interests Total
December 31,2018 June 30, 2019 June 30, 2019 Condensed Consolidated Statements of Comprehensive Income (in thousands, except per share data) Condensed Consolidated Statements of Changes in Equity (in thousands) US$ in thousands* Condensed Consolidated Statements of Changes in Equity (in thousands) Condensed Consolidated Interim Statements of Changes in Equity (in thousands) (cont'd) Condensed Consolidated Interim Statements of Changes in Equity (in thousands) (cont'd)
Audited Unaudited Unaudited For the year ended December 31, For the three months ended  June 30, For the six months ended June 30 For the six months ended June 30, For the six month ended June 30, 2019:
  € in thousands Convenience Translationinto US$ in thousands 2018 2018 2019 2018 2019 2019 Balance as at January 1, 2019 22,757 66,453 862 (1,977) 1,590 (259) - 89,426 (1,775) 87,651 Attributable to shareholders of the Company Non-controlling Interests Total Equity Attributable to shareholders of the Company Non-controlling Interests Total Equity
Assets Audited Unaudited Unaudited Unaudited Attributable to shareholders of the Company Non-controlling Interests Total Equity Loss for the period - - (3,132) - - - - (3,132) (1,876) (5,008) Attributable to shareholders of the Company Non-controlling Interests Total Equity Share capital Share premium Retained earnings (accumulated deficit) Treasury shares Translationreserve from foreignoperations Hedging Reserve Total Share capital Share Premium Retainedearnings (accumulateddeficit) Treasury shares Translation reserve from foreign operations Hedging Reserve Total
Current assets   € in thousands   € in thousands   € in thousands ConvenienceTranslation into US$* Share capital Share Premium Retained earnings (accumulated deficit) Treasury shares Translation reserve from foreign operations Hedging Reserve Transaction reserve with non-controlling interests Total Other comprehensive loss for the period - - - - 1,662 (1,676) - (14) (543) (557) Share capital Share Premium Retained earnings (accumulated deficit) Treasury shares Translation reserve from foreign operations Hedging Reserve Transaction reserve with non-controlling interests Total € in thousands € in thousands
Cash and cash equivalents 36,882 55,535 63,253 Revenues 18,117 5,119 5,570 8,151 10,303 11,735 € in thousands Total comprehensive loss for the period - - (3,132) - 1,662 (1,676) - (3,146) (2,419) (5,565) € in thousands
Marketable securities 2,132 2,204 2,510 Operating expenses (6,342) (1,710) (1,791) (2,610) (3,455) (3,935) For the six month ended June 30, 2019: For the three month ended June 30, 2019: For the year ended December 31, 2018: For the six month ended June 30, 2018:
Restricted cash and marketable securities 4,653 1,315 1,498 Depreciation expenses (5,816) (1,409) (1,465) (2,767) (3,043) (3,466) Balance as at January 1, 2019 19,980 58,344 758 (1,736) 1,396 (227) - 78,515 (1,558) 76,957 Transactions with owners of the Balance as at March 31, 2019 19,988 58,356 47 (1,736) 2,710 (887) - 78,478 (1,898) 76,580 Balance as at January 1, 2018 19,980 58,339 (299) (1,736) 2,219 138 78,641 (1,141) 77,500
Receivable from concession project 1,292 1,390 1,583 Gross profit 5,959 2,000 2,314 2,774 3,805 4,334 Loss for the period - - (2,751) - - - - (2,751) (1,647) (4,398)  Company, recognized directly in equity: Loss for the period - - (2,040) - - - - (2,040) (1,389) (3,429) 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 - - (898) - - - (898) (236) (1,134)
Financial assets 1,282 1,354 1,542 Other comprehensive loss for the period - - - - 1,459 (1,472) - (13) (477) (490) Sale of shares in subsidiaries to Other comprehensive loss for the period - - - - 145 (812) - (667) (395) (1,062) Profit for the year - - 1,057 - - - 1,057 (453) 604 Other comprehensive loss for the period - - - - (822) (246) (1,068) 23 (1,045)
Trade and other receivables 12,623 11,407 12,992 Project development costs (2,878) (975) (1,840) (1,771) (2,714) (3,091) Total comprehensive loss for the period - - (2,751) - 1,459 (1,472) - (2,764) (2,124) (4,888) non-controlling interests - - - - - - 6,394 6,394 5,580 11,974 Total comprehensive loss for the period - - (2,040) - 145 (812) - (2,707) (1,784) (4,491) Other comprehensive income (loss) for the year - - - - (823) (365) (1,188) 36 (1,152) Total comprehensive loss for the period - - (898) - (822) (246) (1,966) (213) (2,179)
58,864 73,205 83,378 General and administrative expenses (3,600) (792) (982) (1,977) (1,879) (2,140) Options exercise 9 13 - - - - - 22 - 22 Total comprehensive income (loss) for the year - - 1,057 - (823) (365) (131) (417) (548)
Non-current assets Share of profits of equity accounted investee 2,545 (662) (1,133) 501 31 35 Transactions with owners of the Share-based payments - 3 - - - - - 3 - 3 Transactions with owners of the Transactions with owners of the Company,
Investment in equity accounted investee 27,746 29,158 33,210 Other income, net 884 69 - 73 - -  Company, recognized directly in equity:  Company, recognized directly in equity: Transactions with owners of the  recognized directly in equity:
Advances on account of investments 798 843 960 Operating profit (loss) 2,910 (360) (1,641) (400) (757) (862) Sale of shares in subsidiaries to Balance as at June 30, 2019 22,766 66,469 (2,270) (1,977) 3,252 (1,935) 6,394 92,699 1,386 94,085 Sale of shares in subsidiaries to  Company, recognized directly in equity: Share-based payments - 2 - - - - 2 - 2
Receivable from concession project 25,710 26,510 30,194 non-controlling interests - - - - - - 5,614 5,614 4,899 10,513 non-controlling interests - - - - - - 5,614 5,614 4,899 10,513 Share-based payments - 5 - - - - 5 - 5
Fixed assets 87,220 128,766 146,662 Financing income 2,936 475 480 1,588 870 991 Options exercise 8 11 - - - - - 19 - 19 Options exercise - - - - - - - - - - Balance as at June 30, 2018 19,980 58,341 (1,197) (1,736) 1,397 (108) 76,677 (1,354) 75,323
Right-of-use asset - 4,134 4,709 Financing expenses in connection with derivatives and other assets,net 494 737 29 285 460 524 Share-based payments - 3 - - - - - 3 - 3 Share-based payments - 2 - - - - - 2 - 2 Balance as at December 31, 2018 19,980 58,344 758 (1,736) 1,396 (227) 78,515 (1,558) 76,957 Ellomay Capital Ltd. and its Subsidiaries
Intangible asset 4,882 4,987 5,680 Financing expenses (5,521) (1,769) (1,972) (2,789) (4,457) (5,076) * Convenience translation into US$ (exchange rate as at June 30, 2019: euro 1 = US$ 1.139)
Restricted cash and deposits 2,062 10,917 12,434 Financing expenses, net (2,091) (557) (1,463) (916) (3,127) (3,561) Balance as at June 30, 2019 19,988 58,358 (1,993) (1,736) 2,855 (1,699) 5,614 81,387 1,217 82,604 Balance as at June 30, 2019 19,988 58,358 (1,993) (1,736) 2,855 (1,699) 5,614 81,387 1,217 82,604 Condensed Consolidated Interim Statements of Changes in Equity (in thousands) (cont'd)
Deferred tax 2,423 2,903 3,306 Profit (loss) before taxes on income 819 (917) (3,104) (1,316) (3,884) (4,423)
Long term receivables 1,455 6,658 7,583 Tax benefit (taxes on income) (215) 193 (325) 182 (514) (585) Attributable to shareholders of the Company Non-controlling Interests Total Equity
152,296 214,876 244,738 Profit (loss) for the period 604 (724) (3,429) (1,134) (4,398) (5,008) Share capital Share Premium Retainedearnings (accumulateddeficit) Treasury shares Translation reserve from foreign operations Hedging Reserve Total
Total assets 211,160 288,081 328,116 Profit (loss) attributable to: € in thousands
Owners of the Company 1,057 (642) (2,040) (898) (2,751) (3,132)
Liabilities and Equity Non-controlling interests (453) (82) (1,389) (236) (1,647) (1,876) For the three month ended June 30, 2018:
Current liabilities Profit (loss) for the period 604 (724) (3,429) (1,134) (4,398) (5,008) Balance as at March 31, 2018 19,980 58,340 (555) (1,736) 877 (33) 76,873 (1,250) 75,623
Current maturities of long term loans 5,864 6,932 7,895 Other comprehensive income (loss) items that after Loss for the period - - (642) - - - (642) (83) (725)
Debentures 8,758 9,266 10,554 initial recognition in comprehensive income (loss) Other comprehensive loss for the period - - - - 520 (75) 445 (21) 424
Trade payables 2,126 3,191 3,632 were or will be transferred to profit or loss: Total comprehensive loss for the period - - (642) - 520 (75) (197) (104) (301)
Other payables 3,103 2,985 3,400 Foreign currency translation differences for foreign operations (787) 499 (250) (799) 982 1,119
19,851 22,374 25,481 Transactions with owners of the Company,
Non-current liabilities Effective portion of change in fair value of cash flow hedges (1,008) 202 (718) (724) (368) (419)  recognized directly in equity:
Lease liability - 3,940 4,488 Net change in fair value of cash flow hedges transferred toprofit or loss   643   (277)   (94)   478   (1,104)   (1,257) Share-based payments - 1 - - - - 1 - 1
Long-term loans 60,228 120,818 137,609 Total other comprehensive income (loss) (1,152)   424   (1,062) (1,045) (490) (557)
Debentures 42,585 40,542 46,176 Total comprehensive loss for the period (548) (300) (4,491) (2,179) (4,888) (5,565) Balance as at June 30, 2018 19,980 58,341 (1,197) (1,736) 1,397 (108) 76,677 (1,354) 75,323
Deferred tax 6,219 6,485 7,386
Other long-term liabilities 5,320 11,318 12,891 Basic net earnings (loss) per share 0.10 (0.06) (0.19) (0.08) (0.26) (0.29)
114,352 183,103 208,550 Diluted net earnings (loss) per share 0.10 (0.06) (0.19) (0.08) (0.26) (0.29)
Total liabilities 134,203 205,477 234,031
               * Convenience translation into US$ (exchange rate as at June 30, 2019: euro 1 = US$ 1.139)
Equity
Share capital 19,980 19,988 22,766
Share premium 58,344 58,358 66,469
Treasury shares (1,736) (1,736) (1,977)
Transaction reserve with non-controlling Interests - 5,614 6,394
Reserves 1,169 1,156 1,317
Accumulated deficit 758 (1,993) (2,270)
Total equity attributed to shareholders of the Company 78,515 81,387 92,699
Non-Controlling Interest (1,558) 1,217 1,386
Total equity 76,957 82,604 94,085
Total liabilities and equity 211,160 288,081 328,116
* Convenience translation into US$ (exchange rate as at June 30, 2019: euro 1 = US$ 1.139)

 

 

 

Ellomay Capital Ltd. and its Subsidiaries Ellomay Capital Ltd. and its Subsidiaries Ellomay Capital Ltd. and its Subsidiaries Attributable to shareholders of the Company Non- controlling Interests Total Equity Ellomay Capital Ltd. and its Subsidiaries Ellomay Capital Ltd. and its Subsidiaries Ellomay Capital Ltd. and its Subsidiaries Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Statements of Financial Position Share capital Share Premium Retained earnings (accumulated deficit) Treasury Shares Translation reserve from foreign operations Hedging Reserve Transaction reserve with non-controlling Interests Total
December 31,2018 June 30, 2019 June 30, 2019 Condensed Consolidated Statements of Comprehensive Income (in thousands, except per share data) Condensed Consolidated Statements of Changes in Equity (in thousands) US$ in thousands* Condensed Consolidated Statements of Changes in Equity (in thousands) Condensed Consolidated Interim Statements of Changes in Equity (in thousands) (cont'd) Condensed Consolidated Interim Statements of Changes in Equity (in thousands) (cont'd) Condensed Consolidated Interim Statements of Cash Flow (in thousands)
Audited Unaudited Unaudited For the year ended December 31, For the three months ended  June 30, For the six months ended June 30 For the six months ended June 30, For the six month ended June 30, 2019: For the yearended December 31, 2018 For the threemonths ended June 30, 2018 For the threemonths ended June 30, 2019 For the sixmonths ended June 30, 2018 For the sixmonths ended June 30, 2019 For the sixmonths ended June 30, 2019
  € in thousands Convenience Translationinto US$ in thousands 2018 2018 2019 2018 2019 2019 Balance as at January 1, 2019 22,757 66,453 862 (1,977) 1,590 (259) - 89,426 (1,775) 87,651 Attributable to shareholders of the Company Non-controlling Interests Total Equity Attributable to shareholders of the Company Non-controlling Interests Total Equity Audited Unaudited Unaudited Unaudited Unaudited Unaudited
Assets Audited Unaudited Unaudited Unaudited Attributable to shareholders of the Company Non-controlling Interests Total Equity Loss for the period - - (3,132) - - - - (3,132) (1,876) (5,008) Attributable to shareholders of the Company Non-controlling Interests Total Equity Share capital Share premium Retained earnings (accumulated deficit) Treasury shares Translationreserve from foreignoperations Hedging Reserve Total Share capital Share Premium Retainedearnings (accumulateddeficit) Treasury shares Translation reserve from foreign operations Hedging Reserve Total € in thousands Convenience Translation into US$*
Current assets   € in thousands   € in thousands   € in thousands ConvenienceTranslation into US$* Share capital Share Premium Retained earnings (accumulated deficit) Treasury shares Translation reserve from foreign operations Hedging Reserve Transaction reserve with non-controlling interests Total Other comprehensive loss for the period - - - - 1,662 (1,676) - (14) (543) (557) Share capital Share Premium Retained earnings (accumulated deficit) Treasury shares Translation reserve from foreign operations Hedging Reserve Transaction reserve with non-controlling interests Total € in thousands € in thousands Cash flows from operating activities
Cash and cash equivalents 36,882 55,535 63,253 Revenues 18,117 5,119 5,570 8,151 10,303 11,735 € in thousands Total comprehensive loss for the period - - (3,132) - 1,662 (1,676) - (3,146) (2,419) (5,565) € in thousands Loss for the period 604 (725) (3,429) (1,134) (4,398) (5,008)
Marketable securities 2,132 2,204 2,510 Operating expenses (6,342) (1,710) (1,791) (2,610) (3,455) (3,935) For the six month ended June 30, 2019: For the three month ended June 30, 2019: For the year ended December 31, 2018: For the six month ended June 30, 2018: Adjustments for:
Restricted cash and marketable securities 4,653 1,315 1,498 Depreciation expenses (5,816) (1,409) (1,465) (2,767) (3,043) (3,466) Balance as at January 1, 2019 19,980 58,344 758 (1,736) 1,396 (227) - 78,515 (1,558) 76,957 Transactions with owners of the Balance as at March 31, 2019 19,988 58,356 47 (1,736) 2,710 (887) - 78,478 (1,898) 76,580 Balance as at January 1, 2018 19,980 58,339 (299) (1,736) 2,219 138 78,641 (1,141) 77,500 Financing expenses, net 2,091 557 1,463 916 3,127 3,561
Receivable from concession project 1,292 1,390 1,583 Gross profit 5,959 2,000 2,314 2,774 3,805 4,334 Loss for the period - - (2,751) - - - - (2,751) (1,647) (4,398)  Company, recognized directly in equity: Loss for the period - - (2,040) - - - - (2,040) (1,389) (3,429) 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 - - (898) - - - (898) (236) (1,134) Depreciation 5,816 1,409 1,465 2,767 3,043 3,466
Financial assets 1,282 1,354 1,542 Other comprehensive loss for the period - - - - 1,459 (1,472) - (13) (477) (490) Sale of shares in subsidiaries to Other comprehensive loss for the period - - - - 145 (812) - (667) (395) (1,062) Profit for the year - - 1,057 - - - 1,057 (453) 604 Other comprehensive loss for the period - - - - (822) (246) (1,068) 23 (1,045) Share-based payment transactions 5 1 2 2 3 3
Trade and other receivables 12,623 11,407 12,992 Project development costs (2,878) (975) (1,840) (1,771) (2,714) (3,091) Total comprehensive loss for the period - - (2,751) - 1,459 (1,472) - (2,764) (2,124) (4,888) non-controlling interests - - - - - - 6,394 6,394 5,580 11,974 Total comprehensive loss for the period - - (2,040) - 145 (812) - (2,707) (1,784) (4,491) Other comprehensive income (loss) for the year - - - - (823) (365) (1,188) 36 (1,152) Total comprehensive loss for the period - - (898) - (822) (246) (1,966) (213) (2,179) Share of profits of equity accounted investees  (2,545) 662 1,133 (501) (31) (35)
58,864 73,205 83,378 General and administrative expenses (3,600) (792) (982) (1,977) (1,879) (2,140) Options exercise 9 13 - - - - - 22 - 22 Total comprehensive income (loss) for the year - - 1,057 - (823) (365) (131) (417) (548) Payment of interest on loan from an equity accounted investee 3,036 - 370 1,176 370 421
Non-current assets Share of profits of equity accounted investee 2,545 (662) (1,133) 501 31 35 Transactions with owners of the Share-based payments - 3 - - - - - 3 - 3 Transactions with owners of the Transactions with owners of the Company, Change in trade receivables and other receivables (17) (525) (48) 156 (1,744) (1,986)
Investment in equity accounted investee 27,746 29,158 33,210 Other income, net 884 69 - 73 - -  Company, recognized directly in equity:  Company, recognized directly in equity: Transactions with owners of the  recognized directly in equity: Change in other assets 37 (536) - 135 (708) (806)
Advances on account of investments 798 843 960 Operating profit (loss) 2,910 (360) (1,641) (400) (757) (862) Sale of shares in subsidiaries to Balance as at June 30, 2019 22,766 66,469 (2,270) (1,977) 3,252 (1,935) 6,394 92,699 1,386 94,085 Sale of shares in subsidiaries to  Company, recognized directly in equity: Share-based payments - 2 - - - - 2 - 2 Change in receivables from concessions project 1,431 372 475 622 646 736
Receivable from concession project 25,710 26,510 30,194 non-controlling interests - - - - - - 5,614 5,614 4,899 10,513 non-controlling interests - - - - - - 5,614 5,614 4,899 10,513 Share-based payments - 5 - - - - 5 - 5 Change in accrued severance pay, net 15 17 4 17 8 9
Fixed assets 87,220 128,766 146,662 Financing income 2,936 475 480 1,588 870 991 Options exercise 8 11 - - - - - 19 - 19 Options exercise - - - - - - - - - - Balance as at June 30, 2018 19,980 58,341 (1,197) (1,736) 1,397 (108) 76,677 (1,354) 75,323 Change in trade payables 633 (21) 556 328 1,065 1,212
Right-of-use asset - 4,134 4,709 Financing expenses in connection with derivatives and other assets,net 494 737 29 285 460 524 Share-based payments - 3 - - - - - 3 - 3 Share-based payments - 2 - - - - - 2 - 2 Balance as at December 31, 2018 19,980 58,344 758 (1,736) 1,396 (227) 78,515 (1,558) 76,957 Ellomay Capital Ltd. and its Subsidiaries Change in other payables (1,565) 113 638 (310) 1,054 1,202
Intangible asset 4,882 4,987 5,680 Financing expenses (5,521) (1,769) (1,972) (2,789) (4,457) (5,076) * Convenience translation into US$ (exchange rate as at June 30, 2019: euro 1 = US$ 1.139) Taxes on income 215 (193) 325 (182) 514 585
Restricted cash and deposits 2,062 10,917 12,434 Financing expenses, net (2,091) (557) (1,463) (916) (3,127) (3,561) Balance as at June 30, 2019 19,988 58,358 (1,993) (1,736) 2,855 (1,699) 5,614 81,387 1,217 82,604 Balance as at June 30, 2019 19,988 58,358 (1,993) (1,736) 2,855 (1,699) 5,614 81,387 1,217 82,604 Condensed Consolidated Interim Statements of Changes in Equity (in thousands) (cont'd) Income taxes paid (77) (15) - (16) - -
Deferred tax 2,423 2,903 3,306 Profit (loss) before taxes on income 819 (917) (3,104) (1,316) (3,884) (4,423) Interest received 1,835 493 420 888 835 951
Long term receivables 1,455 6,658 7,583 Tax benefit (taxes on income) (215) 193 (325) 182 (514) (585) Attributable to shareholders of the Company Non-controlling Interests Total Equity Interest paid (4,924) (2,215) (2,450) (2,597) (2,655) (3,024)
152,296 214,876 244,738 Profit (loss) for the period 604 (724) (3,429) (1,134) (4,398) (5,008) Share capital Share Premium Retainedearnings (accumulateddeficit) Treasury shares Translation reserve from foreign operations Hedging Reserve Total Net cash provided by operating activities 6,590 606 924 2,267 1,129 1,287
Total assets 211,160 288,081 328,116 Profit (loss) attributable to: € in thousands
Owners of the Company 1,057 (642) (2,040) (898) (2,751) (3,132) Cash flows from investing activities
Liabilities and Equity Non-controlling interests (453) (82) (1,389) (236) (1,647) (1,876) For the three month ended June 30, 2018: Acquisition of fixed assets (3,708) (1,494) (37,230) (2,606) (44,519) (50,706)
Current liabilities Profit (loss) for the period 604 (724) (3,429) (1,134) (4,398) (5,008) Balance as at March 31, 2018 19,980 58,340 (555) (1,736) 877 (33) 76,873 (1,250) 75,623 Acquisition of subsidiary, net of cash acquired (1,000) - - - (1,000) (1,139)
Current maturities of long term loans 5,864 6,932 7,895 Other comprehensive income (loss) items that after Loss for the period - - (642) - - - (642) (83) (725) Repayment of loan from an equity accounted investee 1,540 - - 490 - -
Debentures 8,758 9,266 10,554 initial recognition in comprehensive income (loss) Other comprehensive loss for the period - - - - 520 (75) 445 (21) 424 Proceeds from marketable securities 3,316 - - - - -
Trade payables 2,126 3,191 3,632 were or will be transferred to profit or loss: Total comprehensive loss for the period - - (642) - 520 (75) (197) (104) (301) Proceed from settlement of derivatives, net 664 208 - 223 532 606
Other payables 3,103 2,985 3,400 Foreign currency translation differences for foreign operations (787) 499 (250) (799) 982 1,119 Proceed (investment) in restricted cash, net (3,107) 1,525 (5,306) 1,604 (5,219) (5,944)
19,851 22,374 25,481 Transactions with owners of the Company, Repayment (grand) Loan to others (3,500) - 3,500 - 3,500 3,986
Non-current liabilities Effective portion of change in fair value of cash flow hedges (1,008) 202 (718) (724) (368) (419)  recognized directly in equity: Net cash used in investing activities (5,795) 239 (39,036) (289) (46,706) (53,197)
Lease liability - 3,940 4,488 Net change in fair value of cash flow hedges transferred toprofit or loss   643   (277)   (94)   478   (1,104)   (1,257) Share-based payments - 1 - - - - 1 - 1
Long-term loans 60,228 120,818 137,609 Total other comprehensive income (loss) (1,152)   424   (1,062) (1,045) (490) (557) Cash flows from financing activities
Debentures 42,585 40,542 46,176 Total comprehensive loss for the period (548) (300) (4,491) (2,179) (4,888) (5,565) Balance as at June 30, 2018 19,980 58,341 (1,197) (1,736) 1,397 (108) 76,677 (1,354) 75,323 Repayment of long-term loans and finance lease obligations (17,819) (14,550) (3,652) (14,727) (4,158) (4,736)
Deferred tax 6,219 6,485 7,386 Repayment of Debentures (4,668) - (4,532) - (4,532) (5,162)
Other long-term liabilities 5,320 11,318 12,891 Basic net earnings (loss) per share 0.10 (0.06) (0.19) (0.08) (0.26) (0.29) Proceeds from options - - - - 19 22
114,352 183,103 208,550 Diluted net earnings (loss) per share 0.10 (0.06) (0.19) (0.08) (0.26) (0.29) Sale of shares in subsidiaries to non-controllinginterests   - 34,461 14,062 - 14,062 16,016
Total liabilities 134,203 205,477 234,031 Proceeds from long term loans, net 34,745 - 41,470 34,501 58,894 67,079
               * Convenience translation into US$ (exchange rate as at June 30, 2019: euro 1 = US$ 1.139) Net cash provided by financing activities 12,258 19,911 47,348 19,774 64,285 73,219
Equity
Share capital 19,980 19,988 22,766 Effect of exchange rate fluctuations on cash and cash equivalents (133) 97 (54) (104) (55) (64)
Share premium 58,344 58,358 66,469 Increase in cash and cash equivalents 12,920 19,641 9,182 21,648 18,653 21,245
Treasury shares (1,736) (1,736) (1,977) Cash and cash equivalents at the beginning of the period 23,962 25,969 - 23,962 36,882 42,008
Transaction reserve with non-controlling Interests - 5,614 6,394 Cash and cash equivalents at the end of the period 36,882 45,610 9,182 45,610 55,535 63,253
Reserves 1,169 1,156 1,317                      * Convenience translation into US$ (exchange rate as at June 30, 2019: euro 1 = US$ 1.139)
Accumulated deficit 758 (1,993) (2,270)
Total equity attributed to shareholders of the Company 78,515 81,387 92,699
Non-Controlling Interest (1,558) 1,217 1,386
Total equity 76,957 82,604 94,085
Total liabilities and equity 211,160 288,081 328,116
* Convenience translation into US$ (exchange rate as at June 30, 2019: euro 1 = US$ 1.139)

 

Ellomay Capital Ltd. and its Subsidiaries Ellomay Capital Ltd. and its Subsidiaries Ellomay Capital Ltd. and its Subsidiaries Attributable to shareholders of the Company Non- controlling Interests Total Equity Ellomay Capital Ltd. and its Subsidiaries Ellomay Capital Ltd. and its Subsidiaries Ellomay Capital Ltd. and its Subsidiaries Ellomay Capital Ltd. and its Subsidiaries Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Statements of Financial Position Share capital Share Premium Retained earnings (accumulated deficit) Treasury Shares Translation reserve from foreign operations Hedging Reserve Transaction reserve with non-controlling Interests Total
December 31,2018 June 30, 2019 June 30, 2019 Condensed Consolidated Statements of Comprehensive Income (in thousands, except per share data) Condensed Consolidated Statements of Changes in Equity (in thousands) US$ in thousands* Condensed Consolidated Statements of Changes in Equity (in thousands) Condensed Consolidated Interim Statements of Changes in Equity (in thousands) (cont'd) Condensed Consolidated Interim Statements of Changes in Equity (in thousands) (cont'd) Condensed Consolidated Interim Statements of Cash Flow (in thousands)
Audited Unaudited Unaudited For the year ended December 31, For the three months ended  June 30, For the six months ended June 30 For the six months ended June 30, For the six month ended June 30, 2019: For the yearended December 31, 2018 For the threemonths ended June 30, 2018 For the threemonths ended June 30, 2019 For the sixmonths ended June 30, 2018 For the sixmonths ended June 30, 2019 For the sixmonths ended June 30, 2019 Reconciliation of Loss to EBITDA (in thousands)
  € in thousands Convenience Translationinto US$ in thousands 2018 2018 2019 2018 2019 2019 Balance as at January 1, 2019 22,757 66,453 862 (1,977) 1,590 (259) - 89,426 (1,775) 87,651 Attributable to shareholders of the Company Non-controlling Interests Total Equity Attributable to shareholders of the Company Non-controlling Interests Total Equity Audited Unaudited Unaudited Unaudited Unaudited Unaudited For the yearendedDecember 31, For the three monthsended June 30, For the six monthsended June 30, For the six monthsended June 30,
Assets Audited Unaudited Unaudited Unaudited Attributable to shareholders of the Company Non-controlling Interests Total Equity Loss for the period - - (3,132) - - - - (3,132) (1,876) (5,008) Attributable to shareholders of the Company Non-controlling Interests Total Equity Share capital Share premium Retained earnings (accumulated deficit) Treasury shares Translationreserve from foreignoperations Hedging Reserve Total Share capital Share Premium Retainedearnings (accumulateddeficit) Treasury shares Translation reserve from foreign operations Hedging Reserve Total € in thousands Convenience Translation into US$* 2018 2018 2019 2018 2019 2019
Current assets   € in thousands   € in thousands   € in thousands ConvenienceTranslation into US$* Share capital Share Premium Retained earnings (accumulated deficit) Treasury shares Translation reserve from foreign operations Hedging Reserve Transaction reserve with non-controlling interests Total Other comprehensive loss for the period - - - - 1,662 (1,676) - (14) (543) (557) Share capital Share Premium Retained earnings (accumulated deficit) Treasury shares Translation reserve from foreign operations Hedging Reserve Transaction reserve with non-controlling interests Total € in thousands € in thousands Cash flows from operating activities Unaudited
Cash and cash equivalents 36,882 55,535 63,253 Revenues 18,117 5,119 5,570 8,151 10,303 11,735 € in thousands Total comprehensive loss for the period - - (3,132) - 1,662 (1,676) - (3,146) (2,419) (5,565) € in thousands Loss for the period 604 (725) (3,429) (1,134) (4,398) (5,008)   € in thousands ConvenienceTranslation intoUS$*
Marketable securities 2,132 2,204 2,510 Operating expenses (6,342) (1,710) (1,791) (2,610) (3,455) (3,935) For the six month ended June 30, 2019: For the three month ended June 30, 2019: For the year ended December 31, 2018: For the six month ended June 30, 2018: Adjustments for: Net loss for the period 604 (725) (3,429) (1,134) (4,398) (5,008)
Restricted cash and marketable securities 4,653 1,315 1,498 Depreciation expenses (5,816) (1,409) (1,465) (2,767) (3,043) (3,466) Balance as at January 1, 2019 19,980 58,344 758 (1,736) 1,396 (227) - 78,515 (1,558) 76,957 Transactions with owners of the Balance as at March 31, 2019 19,988 58,356 47 (1,736) 2,710 (887) - 78,478 (1,898) 76,580 Balance as at January 1, 2018 19,980 58,339 (299) (1,736) 2,219 138 78,641 (1,141) 77,500 Financing expenses, net 2,091 557 1,463 916 3,127 3,561 Financing expenses, net 2,091 557 1,463 916 3,127 3,561
Receivable from concession project 1,292 1,390 1,583 Gross profit 5,959 2,000 2,314 2,774 3,805 4,334 Loss for the period - - (2,751) - - - - (2,751) (1,647) (4,398)  Company, recognized directly in equity: Loss for the period - - (2,040) - - - - (2,040) (1,389) (3,429) 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 - - (898) - - - (898) (236) (1,134) Depreciation 5,816 1,409 1,465 2,767 3,043 3,466 Taxes on income 215 (193) 325 (182) 514 585
Financial assets 1,282 1,354 1,542 Other comprehensive loss for the period - - - - 1,459 (1,472) - (13) (477) (490) Sale of shares in subsidiaries to Other comprehensive loss for the period - - - - 145 (812) - (667) (395) (1,062) Profit for the year - - 1,057 - - - 1,057 (453) 604 Other comprehensive loss for the period - - - - (822) (246) (1,068) 23 (1,045) Share-based payment transactions 5 1 2 2 3 3 Depreciation 5,816 1,409 1,465 2,767 3,043 3,466
Trade and other receivables 12,623 11,407 12,992 Project development costs (2,878) (975) (1,840) (1,771) (2,714) (3,091) Total comprehensive loss for the period - - (2,751) - 1,459 (1,472) - (2,764) (2,124) (4,888) non-controlling interests - - - - - - 6,394 6,394 5,580 11,974 Total comprehensive loss for the period - - (2,040) - 145 (812) - (2,707) (1,784) (4,491) Other comprehensive income (loss) for the year - - - - (823) (365) (1,188) 36 (1,152) Total comprehensive loss for the period - - (898) - (822) (246) (1,966) (213) (2,179) Share of profits of equity accounted investees  (2,545) 662 1,133 (501) (31) (35) EBITDA 8,726 1,048 (176) 2,367 2,286 2,604
58,864 73,205 83,378 General and administrative expenses (3,600) (792) (982) (1,977) (1,879) (2,140) Options exercise 9 13 - - - - - 22 - 22 Total comprehensive income (loss) for the year - - 1,057 - (823) (365) (131) (417) (548) Payment of interest on loan from an equity accounted investee 3,036 - 370 1,176 370 421
Non-current assets Share of profits of equity accounted investee 2,545 (662) (1,133) 501 31 35 Transactions with owners of the Share-based payments - 3 - - - - - 3 - 3 Transactions with owners of the Transactions with owners of the Company, Change in trade receivables and other receivables (17) (525) (48) 156 (1,744) (1,986)                *Convenience translation into US$ (exchange rate as at June 30, 2019: euro 1 = US$ 1.139)
Investment in equity accounted investee 27,746 29,158 33,210 Other income, net 884 69 - 73 - -  Company, recognized directly in equity:  Company, recognized directly in equity: Transactions with owners of the  recognized directly in equity: Change in other assets 37 (536) - 135 (708) (806)
Advances on account of investments 798 843 960 Operating profit (loss) 2,910 (360) (1,641) (400) (757) (862) Sale of shares in subsidiaries to Balance as at June 30, 2019 22,766 66,469 (2,270) (1,977) 3,252 (1,935) 6,394 92,699 1,386 94,085 Sale of shares in subsidiaries to  Company, recognized directly in equity: Share-based payments - 2 - - - - 2 - 2 Change in receivables from concessions project 1,431 372 475 622 646 736
Receivable from concession project 25,710 26,510 30,194 non-controlling interests - - - - - - 5,614 5,614 4,899 10,513 non-controlling interests - - - - - - 5,614 5,614 4,899 10,513 Share-based payments - 5 - - - - 5 - 5 Change in accrued severance pay, net 15 17 4 17 8 9
Fixed assets 87,220 128,766 146,662 Financing income 2,936 475 480 1,588 870 991 Options exercise 8 11 - - - - - 19 - 19 Options exercise - - - - - - - - - - Balance as at June 30, 2018 19,980 58,341 (1,197) (1,736) 1,397 (108) 76,677 (1,354) 75,323 Change in trade payables 633 (21) 556 328 1,065 1,212
Right-of-use asset - 4,134 4,709 Financing expenses in connection with derivatives and other assets,net 494 737 29 285 460 524 Share-based payments - 3 - - - - - 3 - 3 Share-based payments - 2 - - - - - 2 - 2 Balance as at December 31, 2018 19,980 58,344 758 (1,736) 1,396 (227) 78,515 (1,558) 76,957 Ellomay Capital Ltd. and its Subsidiaries Change in other payables (1,565) 113 638 (310) 1,054 1,202
Intangible asset 4,882 4,987 5,680 Financing expenses (5,521) (1,769) (1,972) (2,789) (4,457) (5,076) * Convenience translation into US$ (exchange rate as at June 30, 2019: euro 1 = US$ 1.139) Taxes on income 215 (193) 325 (182) 514 585
Restricted cash and deposits 2,062 10,917 12,434 Financing expenses, net (2,091) (557) (1,463) (916) (3,127) (3,561) Balance as at June 30, 2019 19,988 58,358 (1,993) (1,736) 2,855 (1,699) 5,614 81,387 1,217 82,604 Balance as at June 30, 2019 19,988 58,358 (1,993) (1,736) 2,855 (1,699) 5,614 81,387 1,217 82,604 Condensed Consolidated Interim Statements of Changes in Equity (in thousands) (cont'd) Income taxes paid (77) (15) - (16) - -
Deferred tax 2,423 2,903 3,306 Profit (loss) before taxes on income 819 (917) (3,104) (1,316) (3,884) (4,423) Interest received 1,835 493 420 888 835 951
Long term receivables 1,455 6,658 7,583 Tax benefit (taxes on income) (215) 193 (325) 182 (514) (585) Attributable to shareholders of the Company Non-controlling Interests Total Equity Interest paid (4,924) (2,215) (2,450) (2,597) (2,655) (3,024)
152,296 214,876 244,738 Profit (loss) for the period 604 (724) (3,429) (1,134) (4,398) (5,008) Share capital Share Premium Retainedearnings (accumulateddeficit) Treasury shares Translation reserve from foreign operations Hedging Reserve Total Net cash provided by operating activities 6,590 606 924 2,267 1,129 1,287
Total assets 211,160 288,081 328,116 Profit (loss) attributable to: € in thousands
Owners of the Company 1,057 (642) (2,040) (898) (2,751) (3,132) Cash flows from investing activities
Liabilities and Equity Non-controlling interests (453) (82) (1,389) (236) (1,647) (1,876) For the three month ended June 30, 2018: Acquisition of fixed assets (3,708) (1,494) (37,230) (2,606) (44,519) (50,706)
Current liabilities Profit (loss) for the period 604 (724) (3,429) (1,134) (4,398) (5,008) Balance as at March 31, 2018 19,980 58,340 (555) (1,736) 877 (33) 76,873 (1,250) 75,623 Acquisition of subsidiary, net of cash acquired (1,000) - - - (1,000) (1,139)
Current maturities of long term loans 5,864 6,932 7,895 Other comprehensive income (loss) items that after Loss for the period - - (642) - - - (642) (83) (725) Repayment of loan from an equity accounted investee 1,540 - - 490 - -
Debentures 8,758 9,266 10,554 initial recognition in comprehensive income (loss) Other comprehensive loss for the period - - - - 520 (75) 445 (21) 424 Proceeds from marketable securities 3,316 - - - - -
Trade payables 2,126 3,191 3,632 were or will be transferred to profit or loss: Total comprehensive loss for the period - - (642) - 520 (75) (197) (104) (301) Proceed from settlement of derivatives, net 664 208 - 223 532 606
Other payables 3,103 2,985 3,400 Foreign currency translation differences for foreign operations (787) 499 (250) (799) 982 1,119 Proceed (investment) in restricted cash, net (3,107) 1,525 (5,306) 1,604 (5,219) (5,944)
19,851 22,374 25,481 Transactions with owners of the Company, Repayment (grand) Loan to others (3,500) - 3,500 - 3,500 3,986
Non-current liabilities Effective portion of change in fair value of cash flow hedges (1,008) 202 (718) (724) (368) (419)  recognized directly in equity: Net cash used in investing activities (5,795) 239 (39,036) (289) (46,706) (53,197)
Lease liability - 3,940 4,488 Net change in fair value of cash flow hedges transferred toprofit or loss   643   (277)   (94)   478   (1,104)   (1,257) Share-based payments - 1 - - - - 1 - 1
Long-term loans 60,228 120,818 137,609 Total other comprehensive income (loss) (1,152)   424   (1,062) (1,045) (490) (557) Cash flows from financing activities
Debentures 42,585 40,542 46,176 Total comprehensive loss for the period (548) (300) (4,491) (2,179) (4,888) (5,565) Balance as at June 30, 2018 19,980 58,341 (1,197) (1,736) 1,397 (108) 76,677 (1,354) 75,323 Repayment of long-term loans and finance lease obligations (17,819) (14,550) (3,652) (14,727) (4,158) (4,736)
Deferred tax 6,219 6,485 7,386 Repayment of Debentures (4,668) - (4,532) - (4,532) (5,162)
Other long-term liabilities 5,320 11,318 12,891 Basic net earnings (loss) per share 0.10 (0.06) (0.19) (0.08) (0.26) (0.29) Proceeds from options - - - - 19 22
114,352 183,103 208,550 Diluted net earnings (loss) per share 0.10 (0.06) (0.19) (0.08) (0.26) (0.29) Sale of shares in subsidiaries to non-controllinginterests   - 34,461 14,062 - 14,062 16,016
Total liabilities 134,203 205,477 234,031 Proceeds from long term loans, net 34,745 - 41,470 34,501 58,894 67,079
               * Convenience translation into US$ (exchange rate as at June 30, 2019: euro 1 = US$ 1.139) Net cash provided by financing activities 12,258 19,911 47,348 19,774 64,285 73,219
Equity
Share capital 19,980 19,988 22,766 Effect of exchange rate fluctuations on cash and cash equivalents (133) 97 (54) (104) (55) (64)
Share premium 58,344 58,358 66,469 Increase in cash and cash equivalents 12,920 19,641 9,182 21,648 18,653 21,245
Treasury shares (1,736) (1,736) (1,977) Cash and cash equivalents at the beginning of the period 23,962 25,969 - 23,962 36,882 42,008
Transaction reserve with non-controlling Interests - 5,614 6,394 Cash and cash equivalents at the end of the period 36,882 45,610 9,182 45,610 55,535 63,253
Reserves 1,169 1,156 1,317                      * Convenience translation into US$ (exchange rate as at June 30, 2019: euro 1 = US$ 1.139)
Accumulated deficit 758 (1,993) (2,270)
Total equity attributed to shareholders of the Company 78,515 81,387 92,699
Non-Controlling Interest (1,558) 1,217 1,386
Total equity 76,957 82,604 94,085
Total liabilities and equity 211,160 288,081 328,116
* Convenience translation into US$ (exchange rate as at June 30, 2019: euro 1 = US$ 1.139)

 

Information for the Company's Debenture Holders

Pursuant to the Deeds of Trust governing the Company's Series A, B and C Debentures (together, the "Debentures"), the Company is required to maintain certain financial covenants. For more information, see Item 5.B of the Company's Annual Report on Form 20-F.

Net Financial Debt

As of June 30, 2019, the Company's Net Financial Debt (as such term is defined in the Deeds of Trust of the Company's Debentures) was approximately €44.8 million (consisting of approximately €137.8 million of short-term and long-term debt from banks and other interest bearing financial obligations and approximately €49.8 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 €57.7 million of cash and cash equivalents and marketable securities and net of approximately €85.1 million of project finance and related hedging transactions of the Company's subsidiaries).

Information for the Company's Series B Debenture Holders

The following is an internal pro forma consolidated statement of financial position of the Company as at June 30, 2019. This information is required under the Series B Deed of Trust in connection with the adoption of IFRS 16 "Leases" by the Company and provides the consolidated statement of financial position of the Company as of the date set forth below after elimination of the effects of adoption of IFRS 16. Based on the pro forma statement of financial position, the ratio of the Company's equity to balance sheet as of June 30, 2019 was 29.2%, triggering a right of the holders of our Series B Debentures to an increase in the annual interest rate applicable to the Series B Debentures of 0.5% until such time as we publish financial results reflecting an increase in such ratio to a minimum of 30%. As a result, the annual interest rate on the Company's Series B Debentures will be 4.19%. The Company will provide further information concerning the updated interest rate in a Form 6-K to be furnished to the Securities and Exchange Commission.

Ellomay Capital Ltd. and its Subsidiaries Ellomay Capital Ltd. and its Subsidiaries Ellomay Capital Ltd. and its Subsidiaries Attributable to shareholders of the Company Non- controlling Interests Total Equity Ellomay Capital Ltd. and its Subsidiaries Ellomay Capital Ltd. and its Subsidiaries Ellomay Capital Ltd. and its Subsidiaries Ellomay Capital Ltd. and its Subsidiaries Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Statements of Financial Position Share capital Share Premium Retained earnings (accumulated deficit) Treasury Shares Translation reserve from foreign operations Hedging Reserve Transaction reserve with non-controlling Interests Total Unaudited Internal Pro Forma Statement of Financial Position
December 31,2018 June 30, 2019 June 30, 2019 Condensed Consolidated Statements of Comprehensive Income (in thousands, except per share data) Condensed Consolidated Statements of Changes in Equity (in thousands) US$ in thousands* Condensed Consolidated Statements of Changes in Equity (in thousands) Condensed Consolidated Interim Statements of Changes in Equity (in thousands) (cont'd) Condensed Consolidated Interim Statements of Changes in Equity (in thousands) (cont'd) Condensed Consolidated Interim Statements of Cash Flow (in thousands) June 30, 2019
Audited Unaudited Unaudited For the year ended December 31, For the three months ended  June 30, For the six months ended June 30 For the six months ended June 30, For the six month ended June 30, 2019: For the yearended December 31, 2018 For the threemonths ended June 30, 2018 For the threemonths ended June 30, 2019 For the sixmonths ended June 30, 2018 For the sixmonths ended June 30, 2019 For the sixmonths ended June 30, 2019 Reconciliation of Loss to EBITDA (in thousands) Unaudited
  € in thousands Convenience Translationinto US$ in thousands 2018 2018 2019 2018 2019 2019 Balance as at January 1, 2019 22,757 66,453 862 (1,977) 1,590 (259) - 89,426 (1,775) 87,651 Attributable to shareholders of the Company Non-controlling Interests Total Equity Attributable to shareholders of the Company Non-controlling Interests Total Equity Audited Unaudited Unaudited Unaudited Unaudited Unaudited For the yearendedDecember 31, For the three monthsended June 30, For the six monthsended June 30, For the six monthsended June 30, Pro Forma€ in thousands
Assets Audited Unaudited Unaudited Unaudited Attributable to shareholders of the Company Non-controlling Interests Total Equity Loss for the period - - (3,132) - - - - (3,132) (1,876) (5,008) Attributable to shareholders of the Company Non-controlling Interests Total Equity Share capital Share premium Retained earnings (accumulated deficit) Treasury shares Translationreserve from foreignoperations Hedging Reserve Total Share capital Share Premium Retainedearnings (accumulateddeficit) Treasury shares Translation reserve from foreign operations Hedging Reserve Total € in thousands Convenience Translation into US$* 2018 2018 2019 2018 2019 2019 Assets
Current assets   € in thousands   € in thousands   € in thousands ConvenienceTranslation into US$* Share capital Share Premium Retained earnings (accumulated deficit) Treasury shares Translation reserve from foreign operations Hedging Reserve Transaction reserve with non-controlling interests Total Other comprehensive loss for the period - - - - 1,662 (1,676) - (14) (543) (557) Share capital Share Premium Retained earnings (accumulated deficit) Treasury shares Translation reserve from foreign operations Hedging Reserve Transaction reserve with non-controlling interests Total € in thousands € in thousands Cash flows from operating activities Unaudited Current assets
Cash and cash equivalents 36,882 55,535 63,253 Revenues 18,117 5,119 5,570 8,151 10,303 11,735 € in thousands Total comprehensive loss for the period - - (3,132) - 1,662 (1,676) - (3,146) (2,419) (5,565) € in thousands Loss for the period 604 (725) (3,429) (1,134) (4,398) (5,008)   € in thousands ConvenienceTranslation intoUS$* Cash and cash equivalents 55,535
Marketable securities 2,132 2,204 2,510 Operating expenses (6,342) (1,710) (1,791) (2,610) (3,455) (3,935) For the six month ended June 30, 2019: For the three month ended June 30, 2019: For the year ended December 31, 2018: For the six month ended June 30, 2018: Adjustments for: Net loss for the period 604 (725) (3,429) (1,134) (4,398) (5,008) Marketable securities 2,204
Restricted cash and marketable securities 4,653 1,315 1,498 Depreciation expenses (5,816) (1,409) (1,465) (2,767) (3,043) (3,466) Balance as at January 1, 2019 19,980 58,344 758 (1,736) 1,396 (227) - 78,515 (1,558) 76,957 Transactions with owners of the Balance as at March 31, 2019 19,988 58,356 47 (1,736) 2,710 (887) - 78,478 (1,898) 76,580 Balance as at January 1, 2018 19,980 58,339 (299) (1,736) 2,219 138 78,641 (1,141) 77,500 Financing expenses, net 2,091 557 1,463 916 3,127 3,561 Financing expenses, net 2,091 557 1,463 916 3,127 3,561 Restricted cash and marketable securities 1,315
Receivable from concession project 1,292 1,390 1,583 Gross profit 5,959 2,000 2,314 2,774 3,805 4,334 Loss for the period - - (2,751) - - - - (2,751) (1,647) (4,398)  Company, recognized directly in equity: Loss for the period - - (2,040) - - - - (2,040) (1,389) (3,429) 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 - - (898) - - - (898) (236) (1,134) Depreciation 5,816 1,409 1,465 2,767 3,043 3,466 Taxes on income 215 (193) 325 (182) 514 585 Receivable from concession project 1,390
Financial assets 1,282 1,354 1,542 Other comprehensive loss for the period - - - - 1,459 (1,472) - (13) (477) (490) Sale of shares in subsidiaries to Other comprehensive loss for the period - - - - 145 (812) - (667) (395) (1,062) Profit for the year - - 1,057 - - - 1,057 (453) 604 Other comprehensive loss for the period - - - - (822) (246) (1,068) 23 (1,045) Share-based payment transactions 5 1 2 2 3 3 Depreciation 5,816 1,409 1,465 2,767 3,043 3,466 Financial assets 1,354
Trade and other receivables 12,623 11,407 12,992 Project development costs (2,878) (975) (1,840) (1,771) (2,714) (3,091) Total comprehensive loss for the period - - (2,751) - 1,459 (1,472) - (2,764) (2,124) (4,888) non-controlling interests - - - - - - 6,394 6,394 5,580 11,974 Total comprehensive loss for the period - - (2,040) - 145 (812) - (2,707) (1,784) (4,491) Other comprehensive income (loss) for the year - - - - (823) (365) (1,188) 36 (1,152) Total comprehensive loss for the period - - (898) - (822) (246) (1,966) (213) (2,179) Share of profits of equity accounted investees  (2,545) 662 1,133 (501) (31) (35) EBITDA 8,726 1,048 (176) 2,367 2,286 2,604 Trade and other receivables 11,407
58,864 73,205 83,378 General and administrative expenses (3,600) (792) (982) (1,977) (1,879) (2,140) Options exercise 9 13 - - - - - 22 - 22 Total comprehensive income (loss) for the year - - 1,057 - (823) (365) (131) (417) (548) Payment of interest on loan from an equity accounted investee 3,036 - 370 1,176 370 421 73,205
Non-current assets Share of profits of equity accounted investee 2,545 (662) (1,133) 501 31 35 Transactions with owners of the Share-based payments - 3 - - - - - 3 - 3 Transactions with owners of the Transactions with owners of the Company, Change in trade receivables and other receivables (17) (525) (48) 156 (1,744) (1,986)                *Convenience translation into US$ (exchange rate as at June 30, 2019: euro 1 = US$ 1.139) Non-current assets
Investment in equity accounted investee 27,746 29,158 33,210 Other income, net 884 69 - 73 - -  Company, recognized directly in equity:  Company, recognized directly in equity: Transactions with owners of the  recognized directly in equity: Change in other assets 37 (536) - 135 (708) (806) Investment in equity accounted investee 29,158
Advances on account of investments 798 843 960 Operating profit (loss) 2,910 (360) (1,641) (400) (757) (862) Sale of shares in subsidiaries to Balance as at June 30, 2019 22,766 66,469 (2,270) (1,977) 3,252 (1,935) 6,394 92,699 1,386 94,085 Sale of shares in subsidiaries to  Company, recognized directly in equity: Share-based payments - 2 - - - - 2 - 2 Change in receivables from concessions project 1,431 372 475 622 646 736 Advances on account of investments 843
Receivable from concession project 25,710 26,510 30,194 non-controlling interests - - - - - - 5,614 5,614 4,899 10,513 non-controlling interests - - - - - - 5,614 5,614 4,899 10,513 Share-based payments - 5 - - - - 5 - 5 Change in accrued severance pay, net 15 17 4 17 8 9 Receivable from concession project 26,510
Fixed assets 87,220 128,766 146,662 Financing income 2,936 475 480 1,588 870 991 Options exercise 8 11 - - - - - 19 - 19 Options exercise - - - - - - - - - - Balance as at June 30, 2018 19,980 58,341 (1,197) (1,736) 1,397 (108) 76,677 (1,354) 75,323 Change in trade payables 633 (21) 556 328 1,065 1,212 Fixed assets 128,766
Right-of-use asset - 4,134 4,709 Financing expenses in connection with derivatives and other assets,net 494 737 29 285 460 524 Share-based payments - 3 - - - - - 3 - 3 Share-based payments - 2 - - - - - 2 - 2 Balance as at December 31, 2018 19,980 58,344 758 (1,736) 1,396 (227) 78,515 (1,558) 76,957 Ellomay Capital Ltd. and its Subsidiaries Change in other payables (1,565) 113 638 (310) 1,054 1,202 Intangible asset 4,987
Intangible asset 4,882 4,987 5,680 Financing expenses (5,521) (1,769) (1,972) (2,789) (4,457) (5,076) * Convenience translation into US$ (exchange rate as at June 30, 2019: euro 1 = US$ 1.139) Taxes on income 215 (193) 325 (182) 514 585 Restricted cash and deposits 10,917
Restricted cash and deposits 2,062 10,917 12,434 Financing expenses, net (2,091) (557) (1,463) (916) (3,127) (3,561) Balance as at June 30, 2019 19,988 58,358 (1,993) (1,736) 2,855 (1,699) 5,614 81,387 1,217 82,604 Balance as at June 30, 2019 19,988 58,358 (1,993) (1,736) 2,855 (1,699) 5,614 81,387 1,217 82,604 Condensed Consolidated Interim Statements of Changes in Equity (in thousands) (cont'd) Income taxes paid (77) (15) - (16) - - Deferred tax 1,872
Deferred tax 2,423 2,903 3,306 Profit (loss) before taxes on income 819 (917) (3,104) (1,316) (3,884) (4,423) Interest received 1,835 493 420 888 835 951 Long term receivables 6,658
Long term receivables 1,455 6,658 7,583 Tax benefit (taxes on income) (215) 193 (325) 182 (514) (585) Attributable to shareholders of the Company Non-controlling Interests Total Equity Interest paid (4,924) (2,215) (2,450) (2,597) (2,655) (3,024) 209,711
152,296 214,876 244,738 Profit (loss) for the period 604 (724) (3,429) (1,134) (4,398) (5,008) Share capital Share Premium Retainedearnings (accumulateddeficit) Treasury shares Translation reserve from foreign operations Hedging Reserve Total Net cash provided by operating activities 6,590 606 924 2,267 1,129 1,287 Total assets 282,916
Total assets 211,160 288,081 328,116 Profit (loss) attributable to: € in thousands
Owners of the Company 1,057 (642) (2,040) (898) (2,751) (3,132) Cash flows from investing activities Liabilities and Equity
Liabilities and Equity Non-controlling interests (453) (82) (1,389) (236) (1,647) (1,876) For the three month ended June 30, 2018: Acquisition of fixed assets (3,708) (1,494) (37,230) (2,606) (44,519) (50,706) Current liabilities
Current liabilities Profit (loss) for the period 604 (724) (3,429) (1,134) (4,398) (5,008) Balance as at March 31, 2018 19,980 58,340 (555) (1,736) 877 (33) 76,873 (1,250) 75,623 Acquisition of subsidiary, net of cash acquired (1,000) - - - (1,000) (1,139) Current maturities of long term loans 6,932
Current maturities of long term loans 5,864 6,932 7,895 Other comprehensive income (loss) items that after Loss for the period - - (642) - - - (642) (83) (725) Repayment of loan from an equity accounted investee 1,540 - - 490 - - Debentures 9,266
Debentures 8,758 9,266 10,554 initial recognition in comprehensive income (loss) Other comprehensive loss for the period - - - - 520 (75) 445 (21) 424 Proceeds from marketable securities 3,316 - - - - - Trade payables 3,191
Trade payables 2,126 3,191 3,632 were or will be transferred to profit or loss: Total comprehensive loss for the period - - (642) - 520 (75) (197) (104) (301) Proceed from settlement of derivatives, net 664 208 - 223 532 606 Other payables 2,759
Other payables 3,103 2,985 3,400 Foreign currency translation differences for foreign operations (787) 499 (250) (799) 982 1,119 Proceed (investment) in restricted cash, net (3,107) 1,525 (5,306) 1,604 (5,219) (5,944) 22,147
19,851 22,374 25,481 Transactions with owners of the Company, Repayment (grand) Loan to others (3,500) - 3,500 - 3,500 3,986 Non-current liabilities
Non-current liabilities Effective portion of change in fair value of cash flow hedges (1,008) 202 (718) (724) (368) (419)  recognized directly in equity: Net cash used in investing activities (5,795) 239 (39,036) (289) (46,706) (53,197) Long-term loans 120,818
Lease liability - 3,940 4,488 Net change in fair value of cash flow hedges transferred toprofit or loss   643   (277)   (94)   478   (1,104)   (1,257) Share-based payments - 1 - - - - 1 - 1 Debentures 40,542
Long-term loans 60,228 120,818 137,609 Total other comprehensive income (loss) (1,152)   424   (1,062) (1,045) (490) (557) Cash flows from financing activities Deferred tax 5,461
Debentures 42,585 40,542 46,176 Total comprehensive loss for the period (548) (300) (4,491) (2,179) (4,888) (5,565) Balance as at June 30, 2018 19,980 58,341 (1,197) (1,736) 1,397 (108) 76,677 (1,354) 75,323 Repayment of long-term loans and finance lease obligations (17,819) (14,550) (3,652) (14,727) (4,158) (4,736) Other long-term liabilities 11,318
Deferred tax 6,219 6,485 7,386 Repayment of Debentures (4,668) - (4,532) - (4,532) (5,162) 178,139
Other long-term liabilities 5,320 11,318 12,891 Basic net earnings (loss) per share 0.10 (0.06) (0.19) (0.08) (0.26) (0.29) Proceeds from options - - - - 19 22 Total liabilities 200,286
114,352 183,103 208,550 Diluted net earnings (loss) per share 0.10 (0.06) (0.19) (0.08) (0.26) (0.29) Sale of shares in subsidiaries to non-controllinginterests   - 34,461 14,062 - 14,062 16,016
Total liabilities 134,203 205,477 234,031 Proceeds from long term loans, net 34,745 - 41,470 34,501 58,894 67,079 Equity
               * Convenience translation into US$ (exchange rate as at June 30, 2019: euro 1 = US$ 1.139) Net cash provided by financing activities 12,258 19,911 47,348 19,774 64,285 73,219 Share capital 19,988
Equity Share premium 58,358
Share capital 19,980 19,988 22,766 Effect of exchange rate fluctuations on cash and cash equivalents (133) 97 (54) (104) (55) (64) Treasury shares (1,736)
Share premium 58,344 58,358 66,469 Increase in cash and cash equivalents 12,920 19,641 9,182 21,648 18,653 21,245 Transaction reserve with non-controlling Interests 5,614
Treasury shares (1,736) (1,736) (1,977) Cash and cash equivalents at the beginning of the period 23,962 25,969 - 23,962 36,882 42,008 Reserves 1,156
Transaction reserve with non-controlling Interests - 5,614 6,394 Cash and cash equivalents at the end of the period 36,882 45,610 9,182 45,610 55,535 63,253 Accumulated deficit (1,967)
Reserves 1,169 1,156 1,317                      * Convenience translation into US$ (exchange rate as at June 30, 2019: euro 1 = US$ 1.139) Total equity attributed to shareholders of the Company 81,413
Accumulated deficit 758 (1,993) (2,270) Non-Controlling Interest 1,217
Total equity attributed to shareholders of the Company 78,515 81,387 92,699 Total equity 82,630
Non-Controlling Interest (1,558) 1,217 1,386 Total liabilities and equity 282,916
Total equity 76,957 82,604 94,085
Total liabilities and equity 211,160 288,081 328,116
* Convenience translation into US$ (exchange rate as at June 30, 2019: euro 1 = US$ 1.139)

 

 

 

Information for the Company's Series C Debenture Holders

 

In July 2019, the Company issued NIS 89,065,000 Series C Debentures in a public offering in Israel. The Deed of Trust governing the Series C Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for two consecutive quarters is a cause for immediate repayment. As of June 30, 2019, the Company was in compliance with the financial covenants set forth in the Series C Deed of Trust as follows: (i) the Company's shareholders' equity was € 82.6 million, (ii) the ratio of the Company's Net Financial Debt (as set forth above) to the Company's CAP, Net (defined as the Company's consolidated shareholders' equity plus the Net Financial Debt was 35.2% and (iii) the ratio of the Company's Net Financial Debt to the Company's Adjusted EBITDA(1) was 3.8.

_____________________________

(1) The term "Adjusted EBITDA" is defined in the Series C Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company's operations, such as the Talmei Yosef project, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments. The Series C Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company's undertakings towards the holders of its Series C Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under "Use of NON-IFRS Financial Measures."

 

Ellomay Capital Ltd. and its Subsidiaries Ellomay Capital Ltd. and its Subsidiaries Ellomay Capital Ltd. and its Subsidiaries Attributable to shareholders of the Company Non- controlling Interests Total Equity Ellomay Capital Ltd. and its Subsidiaries Ellomay Capital Ltd. and its Subsidiaries Ellomay Capital Ltd. and its Subsidiaries Ellomay Capital Ltd. and its Subsidiaries Ellomay Capital Ltd. and its Subsidiaries The following is a reconciliation between our net profit (loss) and the Adjusted EBITDA for the four-quarter period ended June 30, 2019:
Condensed Consolidated Statements of Financial Position Share capital Share Premium Retained earnings (accumulated deficit) Treasury Shares Translation reserve from foreign operations Hedging Reserve Transaction reserve with non-controlling Interests Total Unaudited Internal Pro Forma Statement of Financial Position
December 31,2018 June 30, 2019 June 30, 2019 Condensed Consolidated Statements of Comprehensive Income (in thousands, except per share data) Condensed Consolidated Statements of Changes in Equity (in thousands) US$ in thousands* Condensed Consolidated Statements of Changes in Equity (in thousands) Condensed Consolidated Interim Statements of Changes in Equity (in thousands) (cont'd) Condensed Consolidated Interim Statements of Changes in Equity (in thousands) (cont'd) Condensed Consolidated Interim Statements of Cash Flow (in thousands) June 30, 2019 For the fourquarter periodended June 30,2019
Audited Unaudited Unaudited For the year ended December 31, For the three months ended  June 30, For the six months ended June 30 For the six months ended June 30, For the six month ended June 30, 2019: For the yearended December 31, 2018 For the threemonths ended June 30, 2018 For the threemonths ended June 30, 2019 For the sixmonths ended June 30, 2018 For the sixmonths ended June 30, 2019 For the sixmonths ended June 30, 2019 Reconciliation of Loss to EBITDA (in thousands) Unaudited Unaudited
  € in thousands Convenience Translationinto US$ in thousands 2018 2018 2019 2018 2019 2019 Balance as at January 1, 2019 22,757 66,453 862 (1,977) 1,590 (259) - 89,426 (1,775) 87,651 Attributable to shareholders of the Company Non-controlling Interests Total Equity Attributable to shareholders of the Company Non-controlling Interests Total Equity Audited Unaudited Unaudited Unaudited Unaudited Unaudited For the yearendedDecember 31, For the three monthsended June 30, For the six monthsended June 30, For the six monthsended June 30, Pro Forma€ in thousands € in thousands
Assets Audited Unaudited Unaudited Unaudited Attributable to shareholders of the Company Non-controlling Interests Total Equity Loss for the period - - (3,132) - - - - (3,132) (1,876) (5,008) Attributable to shareholders of the Company Non-controlling Interests Total Equity Share capital Share premium Retained earnings (accumulated deficit) Treasury shares Translationreserve from foreignoperations Hedging Reserve Total Share capital Share Premium Retainedearnings (accumulateddeficit) Treasury shares Translation reserve from foreign operations Hedging Reserve Total € in thousands Convenience Translation into US$* 2018 2018 2019 2018 2019 2019 Assets Net loss for the period (2,660)
Current assets   € in thousands   € in thousands   € in thousands ConvenienceTranslation into US$* Share capital Share Premium Retained earnings (accumulated deficit) Treasury shares Translation reserve from foreign operations Hedging Reserve Transaction reserve with non-controlling interests Total Other comprehensive loss for the period - - - - 1,662 (1,676) - (14) (543) (557) Share capital Share Premium Retained earnings (accumulated deficit) Treasury shares Translation reserve from foreign operations Hedging Reserve Transaction reserve with non-controlling interests Total € in thousands € in thousands Cash flows from operating activities Unaudited Current assets Financing expenses, net 4,302
Cash and cash equivalents 36,882 55,535 63,253 Revenues 18,117 5,119 5,570 8,151 10,303 11,735 € in thousands Total comprehensive loss for the period - - (3,132) - 1,662 (1,676) - (3,146) (2,419) (5,565) € in thousands Loss for the period 604 (725) (3,429) (1,134) (4,398) (5,008)   € in thousands ConvenienceTranslation intoUS$* Cash and cash equivalents 55,535 Taxes on income 911
Marketable securities 2,132 2,204 2,510 Operating expenses (6,342) (1,710) (1,791) (2,610) (3,455) (3,935) For the six month ended June 30, 2019: For the three month ended June 30, 2019: For the year ended December 31, 2018: For the six month ended June 30, 2018: Adjustments for: Net loss for the period 604 (725) (3,429) (1,134) (4,398) (5,008) Marketable securities 2,204 Depreciation 6,092
Restricted cash and marketable securities 4,653 1,315 1,498 Depreciation expenses (5,816) (1,409) (1,465) (2,767) (3,043) (3,466) Balance as at January 1, 2019 19,980 58,344 758 (1,736) 1,396 (227) - 78,515 (1,558) 76,957 Transactions with owners of the Balance as at March 31, 2019 19,988 58,356 47 (1,736) 2,710 (887) - 78,478 (1,898) 76,580 Balance as at January 1, 2018 19,980 58,339 (299) (1,736) 2,219 138 78,641 (1,141) 77,500 Financing expenses, net 2,091 557 1,463 916 3,127 3,561 Financing expenses, net 2,091 557 1,463 916 3,127 3,561 Restricted cash and marketable securities 1,315 Adjustment to revenues of the Talmei Yosef project due to calculation based on thefixed asset model   3,043
Receivable from concession project 1,292 1,390 1,583 Gross profit 5,959 2,000 2,314 2,774 3,805 4,334 Loss for the period - - (2,751) - - - - (2,751) (1,647) (4,398)  Company, recognized directly in equity: Loss for the period - - (2,040) - - - - (2,040) (1,389) (3,429) 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 - - (898) - - - (898) (236) (1,134) Depreciation 5,816 1,409 1,465 2,767 3,043 3,466 Taxes on income 215 (193) 325 (182) 514 585 Receivable from concession project 1,390 Share-based payments 6
Financial assets 1,282 1,354 1,542 Other comprehensive loss for the period - - - - 1,459 (1,472) - (13) (477) (490) Sale of shares in subsidiaries to Other comprehensive loss for the period - - - - 145 (812) - (667) (395) (1,062) Profit for the year - - 1,057 - - - 1,057 (453) 604 Other comprehensive loss for the period - - - - (822) (246) (1,068) 23 (1,045) Share-based payment transactions 5 1 2 2 3 3 Depreciation 5,816 1,409 1,465 2,767 3,043 3,466 Financial assets 1,354 Adjusted EBITDA as defined the Series C Deed of Trust 11,694
Trade and other receivables 12,623 11,407 12,992 Project development costs (2,878) (975) (1,840) (1,771) (2,714) (3,091) Total comprehensive loss for the period - - (2,751) - 1,459 (1,472) - (2,764) (2,124) (4,888) non-controlling interests - - - - - - 6,394 6,394 5,580 11,974 Total comprehensive loss for the period - - (2,040) - 145 (812) - (2,707) (1,784) (4,491) Other comprehensive income (loss) for the year - - - - (823) (365) (1,188) 36 (1,152) Total comprehensive loss for the period - - (898) - (822) (246) (1,966) (213) (2,179) Share of profits of equity accounted investees  (2,545) 662 1,133 (501) (31) (35) EBITDA 8,726 1,048 (176) 2,367 2,286 2,604 Trade and other receivables 11,407
58,864 73,205 83,378 General and administrative expenses (3,600) (792) (982) (1,977) (1,879) (2,140) Options exercise 9 13 - - - - - 22 - 22 Total comprehensive income (loss) for the year - - 1,057 - (823) (365) (131) (417) (548) Payment of interest on loan from an equity accounted investee 3,036 - 370 1,176 370 421 73,205
Non-current assets Share of profits of equity accounted investee 2,545 (662) (1,133) 501 31 35 Transactions with owners of the Share-based payments - 3 - - - - - 3 - 3 Transactions with owners of the Transactions with owners of the Company, Change in trade receivables and other receivables (17) (525) (48) 156 (1,744) (1,986)                *Convenience translation into US$ (exchange rate as at June 30, 2019: euro 1 = US$ 1.139) Non-current assets
Investment in equity accounted investee 27,746 29,158 33,210 Other income, net 884 69 - 73 - -  Company, recognized directly in equity:  Company, recognized directly in equity: Transactions with owners of the  recognized directly in equity: Change in other assets 37 (536) - 135 (708) (806) Investment in equity accounted investee 29,158
Advances on account of investments 798 843 960 Operating profit (loss) 2,910 (360) (1,641) (400) (757) (862) Sale of shares in subsidiaries to Balance as at June 30, 2019 22,766 66,469 (2,270) (1,977) 3,252 (1,935) 6,394 92,699 1,386 94,085 Sale of shares in subsidiaries to  Company, recognized directly in equity: Share-based payments - 2 - - - - 2 - 2 Change in receivables from concessions project 1,431 372 475 622 646 736 Advances on account of investments 843
Receivable from concession project 25,710 26,510 30,194 non-controlling interests - - - - - - 5,614 5,614 4,899 10,513 non-controlling interests - - - - - - 5,614 5,614 4,899 10,513 Share-based payments - 5 - - - - 5 - 5 Change in accrued severance pay, net 15 17 4 17 8 9 Receivable from concession project 26,510
Fixed assets 87,220 128,766 146,662 Financing income 2,936 475 480 1,588 870 991 Options exercise 8 11 - - - - - 19 - 19 Options exercise - - - - - - - - - - Balance as at June 30, 2018 19,980 58,341 (1,197) (1,736) 1,397 (108) 76,677 (1,354) 75,323 Change in trade payables 633 (21) 556 328 1,065 1,212 Fixed assets 128,766
Right-of-use asset - 4,134 4,709 Financing expenses in connection with derivatives and other assets,net 494 737 29 285 460 524 Share-based payments - 3 - - - - - 3 - 3 Share-based payments - 2 - - - - - 2 - 2 Balance as at December 31, 2018 19,980 58,344 758 (1,736) 1,396 (227) 78,515 (1,558) 76,957 Ellomay Capital Ltd. and its Subsidiaries Change in other payables (1,565) 113 638 (310) 1,054 1,202 Intangible asset 4,987
Intangible asset 4,882 4,987 5,680 Financing expenses (5,521) (1,769) (1,972) (2,789) (4,457) (5,076) * Convenience translation into US$ (exchange rate as at June 30, 2019: euro 1 = US$ 1.139) Taxes on income 215 (193) 325 (182) 514 585 Restricted cash and deposits 10,917
Restricted cash and deposits 2,062 10,917 12,434 Financing expenses, net (2,091) (557) (1,463) (916) (3,127) (3,561) Balance as at June 30, 2019 19,988 58,358 (1,993) (1,736) 2,855 (1,699) 5,614 81,387 1,217 82,604 Balance as at June 30, 2019 19,988 58,358 (1,993) (1,736) 2,855 (1,699) 5,614 81,387 1,217 82,604 Condensed Consolidated Interim Statements of Changes in Equity (in thousands) (cont'd) Income taxes paid (77) (15) - (16) - - Deferred tax 1,872
Deferred tax 2,423 2,903 3,306 Profit (loss) before taxes on income 819 (917) (3,104) (1,316) (3,884) (4,423) Interest received 1,835 493 420 888 835 951 Long term receivables 6,658
Long term receivables 1,455 6,658 7,583 Tax benefit (taxes on income) (215) 193 (325) 182 (514) (585) Attributable to shareholders of the Company Non-controlling Interests Total Equity Interest paid (4,924) (2,215) (2,450) (2,597) (2,655) (3,024) 209,711
152,296 214,876 244,738 Profit (loss) for the period 604 (724) (3,429) (1,134) (4,398) (5,008) Share capital Share Premium Retainedearnings (accumulateddeficit) Treasury shares Translation reserve from foreign operations Hedging Reserve Total Net cash provided by operating activities 6,590 606 924 2,267 1,129 1,287 Total assets 282,916
Total assets 211,160 288,081 328,116 Profit (loss) attributable to: € in thousands
Owners of the Company 1,057 (642) (2,040) (898) (2,751) (3,132) Cash flows from investing activities Liabilities and Equity
Liabilities and Equity Non-controlling interests (453) (82) (1,389) (236) (1,647) (1,876) For the three month ended June 30, 2018: Acquisition of fixed assets (3,708) (1,494) (37,230) (2,606) (44,519) (50,706) Current liabilities
Current liabilities Profit (loss) for the period 604 (724) (3,429) (1,134) (4,398) (5,008) Balance as at March 31, 2018 19,980 58,340 (555) (1,736) 877 (33) 76,873 (1,250) 75,623 Acquisition of subsidiary, net of cash acquired (1,000) - - - (1,000) (1,139) Current maturities of long term loans 6,932
Current maturities of long term loans 5,864 6,932 7,895 Other comprehensive income (loss) items that after Loss for the period - - (642) - - - (642) (83) (725) Repayment of loan from an equity accounted investee 1,540 - - 490 - - Debentures 9,266
Debentures 8,758 9,266 10,554 initial recognition in comprehensive income (loss) Other comprehensive loss for the period - - - - 520 (75) 445 (21) 424 Proceeds from marketable securities 3,316 - - - - - Trade payables 3,191
Trade payables 2,126 3,191 3,632 were or will be transferred to profit or loss: Total comprehensive loss for the period - - (642) - 520 (75) (197) (104) (301) Proceed from settlement of derivatives, net 664 208 - 223 532 606 Other payables 2,759
Other payables 3,103 2,985 3,400 Foreign currency translation differences for foreign operations (787) 499 (250) (799) 982 1,119 Proceed (investment) in restricted cash, net (3,107) 1,525 (5,306) 1,604 (5,219) (5,944) 22,147
19,851 22,374 25,481 Transactions with owners of the Company, Repayment (grand) Loan to others (3,500) - 3,500 - 3,500 3,986 Non-current liabilities
Non-current liabilities Effective portion of change in fair value of cash flow hedges (1,008) 202 (718) (724) (368) (419)  recognized directly in equity: Net cash used in investing activities (5,795) 239 (39,036) (289) (46,706) (53,197) Long-term loans 120,818
Lease liability - 3,940 4,488 Net change in fair value of cash flow hedges transferred toprofit or loss   643   (277)   (94)   478   (1,104)   (1,257) Share-based payments - 1 - - - - 1 - 1 Debentures 40,542
Long-term loans 60,228 120,818 137,609 Total other comprehensive income (loss) (1,152)   424   (1,062) (1,045) (490) (557) Cash flows from financing activities Deferred tax 5,461
Debentures 42,585 40,542 46,176 Total comprehensive loss for the period (548) (300) (4,491) (2,179) (4,888) (5,565) Balance as at June 30, 2018 19,980 58,341 (1,197) (1,736) 1,397 (108) 76,677 (1,354) 75,323 Repayment of long-term loans and finance lease obligations (17,819) (14,550) (3,652) (14,727) (4,158) (4,736) Other long-term liabilities 11,318
Deferred tax 6,219 6,485 7,386 Repayment of Debentures (4,668) - (4,532) - (4,532) (5,162) 178,139
Other long-term liabilities 5,320 11,318 12,891 Basic net earnings (loss) per share 0.10 (0.06) (0.19) (0.08) (0.26) (0.29) Proceeds from options - - - - 19 22 Total liabilities 200,286
114,352 183,103 208,550 Diluted net earnings (loss) per share 0.10 (0.06) (0.19) (0.08) (0.26) (0.29) Sale of shares in subsidiaries to non-controllinginterests   - 34,461 14,062 - 14,062 16,016
Total liabilities 134,203 205,477 234,031 Proceeds from long term loans, net 34,745 - 41,470 34,501 58,894 67,079 Equity
               * Convenience translation into US$ (exchange rate as at June 30, 2019: euro 1 = US$ 1.139) Net cash provided by financing activities 12,258 19,911 47,348 19,774 64,285 73,219 Share capital 19,988
Equity Share premium 58,358
Share capital 19,980 19,988 22,766 Effect of exchange rate fluctuations on cash and cash equivalents (133) 97 (54) (104) (55) (64) Treasury shares (1,736)
Share premium 58,344 58,358 66,469 Increase in cash and cash equivalents 12,920 19,641 9,182 21,648 18,653 21,245 Transaction reserve with non-controlling Interests 5,614
Treasury shares (1,736) (1,736) (1,977) Cash and cash equivalents at the beginning of the period 23,962 25,969 - 23,962 36,882 42,008 Reserves 1,156
Transaction reserve with non-controlling Interests - 5,614 6,394 Cash and cash equivalents at the end of the period 36,882 45,610 9,182 45,610 55,535 63,253 Accumulated deficit (1,967)
Reserves 1,169 1,156 1,317                      * Convenience translation into US$ (exchange rate as at June 30, 2019: euro 1 = US$ 1.139) Total equity attributed to shareholders of the Company 81,413
Accumulated deficit 758 (1,993) (2,270) Non-Controlling Interest 1,217
Total equity attributed to shareholders of the Company 78,515 81,387 92,699 Total equity 82,630
Non-Controlling Interest (1,558) 1,217 1,386 Total liabilities and equity 282,916
Total equity 76,957 82,604 94,085
Total liabilities and equity 211,160 288,081 328,116
* Convenience translation into US$ (exchange rate as at June 30, 2019: euro 1 = US$ 1.139)

 

Contact:Kalia WeintraubCFOTel: +972 (3) 797-1111Email: hilai@ellomay.com  

 

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SOURCE Ellomay Capital Ltd

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