• |
Revenues were approximately €11.8 million for the three months ended March 31, 2022, compared to approximately €7.2 million for the three months ended March 31, 2021. This increase mainly results from the substantial increase in electricity prices in Europe since the commencement of the military conflict between Russia and Ukraine and the Company recognizing revenues from the Talasol photovoltaic facility (the "Talasol PV Plant") for the entire first quarter of 2022, compared to recognition of revenues from the Talasol PV Plant for a portion of the first quarter of 2021, commencing upon the achievement of PAC (Preliminary Acceptance Certificate) by the Talasol PV Plant on January 27, 2021.
|
• |
Operating expenses were approximately €6 million for the three months ended March 31, 2022, compared to approximately €3.2 million for the three months ended March 31, 2021. Depreciation expenses were approximately €4 million for the three months ended March 31, 2022, compared to approximately €3.1 million for the three months ended March 31, 2021. The increase in operating expenses mainly results from the introduction of the Spanish RDL 17/2021 that establishes the reduction, until June 30, 2022, of returns on the electricity generating activity of Spanish production facilities that do not emit greenhouse gases accomplished through payments of a portion of the revenues by the production facilities to the Spanish government. The increase in operating expenses and depreciation expenses is also attributable to the recognition of results of the Talasol PV Plant for the entire first quarter of 2022, compared to a partial recognition (commencing upon the achievement of PAC of the Talasol PV Plant on January 27, 2021) for the first quarter of 2021.
|
• |
Project development costs were approximately €0.7 million for the three months ended March 31, 2022, compared to approximately €0.5 million for the three months ended March 31, 2021. The increase in project development costs is mainly due to the development of photovoltaic projects in Italy and Spain.
|
• |
General and administrative expenses were approximately €1.5 million for the three months ended March 31, 2022, compared to approximately €1.3 million for the three months ended March 31, 2021. There was no material change in the composition of the expenses included in general and administrative expenses between the two periods.
|
• |
Share of profits of equity accounted investee, after elimination of intercompany transactions, was approximately €0.2 million for the three months ended March 31, 2022, compared to approximately €0.6 million for the three months ended March 31, 2021. The decrease in the Company's share of profit of equity accounted investee is mainly attributable to higher financing expenses incurred by Dorad for the period as a result of the CPI indexation of loans from banks.
|
• |
Financing expenses, net were approximately €2.9 million for the three months ended March 31, 2022, compared to approximately €2.8 million for the three months ended March 31, 2021. The increase in financing expenses, net, was mainly attributable to financing expenses in connection with the Talasol PV Plant previously capitalized to fixed assets that are recognized in profit and loss starting from PAC, interest and linkage differences in connection with an agreement entered into with the Israeli Tax Authority in connection with a final assessment agreement for the years 2015-2020 of the Talmei Yosef PV Plant, partially offset by a decrease in financing expenses compared to the first quarter of 2021, during which the Company recognized expenses amounting to approximately €0.8 million in connection with the early repayment of the Company's Series B Debentures.
|
• |
Taxes on income were approximately €0.3 million for the three months ended March 31, 2022, compared to tax benefits of approximately €0.3 million for the three months ended March 31, 2021.
|
• |
Loss for the three months ended March 31, 2022 was approximately €3.4 million, compared to a loss of approximately €2.7 million for the three months ended March 31, 2021.
|
• |
Total other comprehensive loss was approximately €40.9 million for the three months ended March 31, 2022, compared to approximately €2.4 million for the three months ended March 31, 2021. The increase in total other comprehensive loss mainly resulted from changes in fair value of cash flow hedges, including a material reduction in the fair value of the financial power swap (the "PPA") that covers approximately 80% of the output of the Talasol PV Plant. The PPA experienced a high volatility due to the substantial increase in electricity prices in Europe since the commencement of the military conflict between Russia and Ukraine. In accordance with hedge accounting standards, the changes in the PPA's fair value are recorded in the Company's shareholders' equity through a hedging reserve and not through the accumulated deficit/retained earnings. The changes do not impact the Company's consolidated net profit/loss or the Company's consolidated cash flows. As the Company controls Talasol, the total impact of the changes in fair value of the PPA (including the minority share) is consolidated into the Company's financial statements and total equity. Alongside the decrease in fair value of the PPA, the increase in the electricity prices is expected to have a positive impact on Talasol's revenues from the sale of the capacity that is not subject to the PPA, resulting in an expected increase in Talasol's net income and cash flows.
|
• |
Total comprehensive loss was approximately €44.2 million for the three months ended March 31, 2022, compared to approximately €5 million for the three months ended March 31, 2021.
|
• |
EBITDA was approximately €3.8 million for the three months ended March 31, 2022, compared to approximately €2.9 million for the three months ended March 31, 2021. See the table on page 12 of this press release for a reconciliation of these numbers to profit and loss.
|
• |
Net cash provided by operating activities was approximately €8.1 million for the three months ended March 31, 2022, compared to approximately €1.3 million for the three months ended March 31, 2021. The increase is mainly attributable to the recognition of results of the Talasol PV Plant for the entire first quarter of 2022, compared to a partial recognition (commencing upon the achievement of PAC of the Talasol PV Plant on January 27, 2021) for the first quarter of 2021.
|
• |
Approximately 35.9 MW 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 860MW, representing about 6%-8% of Israel's total current electricity consumption;
|
• |
51% of Talasol, which owns a photovoltaic plant with a peak capacity of 300MW in the municipality of Talaván, Cáceres, Spain;
|
• |
Groen Gas Goor B.V., Groen Gas Oude-Tonge B.V. and Groen Gas Gelderland B.V., project companies operating anaerobic digestion plants in the Netherlands, with a green gas production capacity of approximately 3 million, 3.8 million and 9.5 million (with a license to produce 7.5 million) Nm3 per year, respectively;
|
• |
83.333% of Ellomay Pumped Storage (2014) Ltd., which is involved in a project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel.
|
March 31,
|
December 31,
|
March 31,
| ||||||||||
2022
|
2021
|
2022
| ||||||||||
Unaudited
|
Audited
|
Unaudited
| ||||||||||
€ in thousands
|
Convenience Translation into US$ in thousands*
| |||||||||||
Assets
| ||||||||||||
Current assets:
| ||||||||||||
Cash and cash equivalents
|
90,981
|
41,229
|
100,938
| |||||||||
Marketable securities
|
1,833
|
1,946
|
2,034
| |||||||||
Short term deposits
|
28,380
|
28,410
|
31,486
| |||||||||
Restricted cash
|
1,000
|
1,000
|
1,109
| |||||||||
Receivable from concession project
|
1,776
|
1,784
|
1,970
| |||||||||
Trade and other receivables
|
12,088
|
9,487
|
13,411
| |||||||||
136,058
|
83,856
|
150,948
| ||||||||||
Non-current assets
| ||||||||||||
Investment in equity accounted investee
|
34,255
|
34,029
|
38,004
| |||||||||
Advances on account of investments
|
1,554
|
1,554
|
1,724
| |||||||||
Receivable from concession project
|
26,959
|
26,909
|
29,910
| |||||||||
Fixed assets
|
351,305
|
340,065
|
389,754
| |||||||||
Right-of-use asset
|
23,027
|
23,367
|
25,547
| |||||||||
Intangible asset
|
4,658
|
4,762
|
5,168
| |||||||||
Restricted cash and deposits
|
14,521
|
15,630
|
16,110
| |||||||||
Deferred tax
|
26,728
|
12,952
|
29,653
| |||||||||
Long term receivables
|
8,755
|
5,388
|
9,713
| |||||||||
Derivatives
|
2,679
|
2,635
|
2,972
| |||||||||
494,441
|
467,291
|
548,555
| ||||||||||
Total assets
|
630,499
|
551,147
|
699,503
| |||||||||
Liabilities and Equity
| ||||||||||||
Current liabilities
| ||||||||||||
Current maturities of long term bank loans
|
14,515
|
126,180
|
16,104
| |||||||||
Current maturities of long term loans
|
16,401
|
16,401
|
18,196
| |||||||||
Current maturities of debentures
|
19,785
|
19,806
|
21,950
| |||||||||
Trade payables
|
3,080
|
2,904
|
3,416
| |||||||||
Other payables
|
26,695
|
20,806
|
29,617
| |||||||||
Current maturities of derivatives
|
34,030
|
14,783
|
37,754
| |||||||||
Current maturities of lease liabilities
|
642
|
4,329
|
712
| |||||||||
115,148
|
205,209
|
127,749
| ||||||||||
Non-current liabilities
| ||||||||||||
Long-term lease liabilities
|
15,720
|
15,800
|
17,440
| |||||||||
Long-term loans
|
222,627
|
39,093
|
246,993
| |||||||||
Other long-term bank loans
|
38,355
|
37,221
|
42,553
| |||||||||
Debentures
|
117,477
|
117,493
|
130,334
| |||||||||
Deferred tax
|
6,244
|
8,836
|
6,927
| |||||||||
Other long-term liabilities
|
3,793
|
3,905
|
4,208
| |||||||||
Derivatives
|
41,915
|
10,107
|
46,502
| |||||||||
446,131
|
232,455
|
494,957
| ||||||||||
Total liabilities
|
561,279
|
437,664
|
622,706
| |||||||||
Equity
| ||||||||||||
Share capital
|
25,605
|
25,605
|
28,407
| |||||||||
Share premium
|
85,883
|
85,883
|
95,283
| |||||||||
Treasury shares
|
(1,736
|
)
|
(1,736
|
)
|
(1,926
|
)
| ||||||
Transaction reserve with non-controlling Interests
|
5,697
|
5,697
|
6,321
| |||||||||
Reserves
|
(13,381
|
)
|
7,288
|
(14,845
|
)
| |||||||
Accumulated deficit
|
(10,151
|
)
|
(7,217
|
)
|
(11,262
|
)
| ||||||
Total equity attributed to shareholders of the Company
|
91,917
|
115,520
|
101,978
| |||||||||
Non-Controlling Interest
|
(22,697
|
)
|
(2,037
|
)
|
(25,181
|
)
| ||||||
Total equity
|
69,220
|
113,483
|
76,797
| |||||||||
Total liabilities and equity
|
630,499
|
551,147
|
699,503
|
For the three months ended
March 31,
|
For the year ended December 31,
|
For the three months ended March 31,
| ||||||||||||||
2022
|
2021
|
2021
|
2022
| |||||||||||||
Unaudited
|
Audited
|
Unaudited
| ||||||||||||||
€ in thousands
|
€ in thousands
|
Convenience Translation into US$ in thousands*
| ||||||||||||||
Revenues
|
11,761
|
7,200
|
44,783
|
13,048
| ||||||||||||
Operating expenses
|
(5,971
|
)
|
(3,217
|
)
|
(17,524
|
)
|
(6,625
|
)
| ||||||||
Depreciation and amortization
|
(4,014
|
)
|
(3,051
|
)
|
(15,076
|
)
|
(4,453
|
)
| ||||||||
Gross profit
|
1,776
|
932
|
12,183
|
1,970
| ||||||||||||
Project development costs
|
(711
|
)
|
(505
|
)
|
(2,508
|
)
|
(789
|
)
| ||||||||
General and administrative expenses
|
(1,477
|
)
|
(1,263
|
)
|
(5,661
|
)
|
(1,639
|
)
| ||||||||
Share of profits of equity accounted investee
|
231
|
617
|
117
|
256
| ||||||||||||
Operating profit (loss)
|
(181
|
)
|
(219
|
)
|
4,131
|
(202
|
)
| |||||||||
Financing income
|
809
|
912
|
2,931
|
898
| ||||||||||||
Financing income (expenses) in connection with derivatives and warrants, net
|
(34
|
)
|
(124
|
)
|
(841
|
)
|
(38
|
)
| ||||||||
Financing expenses in connection with projects finance
|
(1,365
|
)
|
(1,434
|
)
|
(17,800
|
)
|
(1,514
|
)
| ||||||||
Financing expenses in connection with debentures
|
(1,029
|
)
|
(1,101
|
)
|
(3,220
|
)
|
(1,142
|
)
| ||||||||
Interest expenses on minority shareholder loan
|
(543
|
)
|
(382
|
)
|
(2,055
|
)
|
(602
|
)
| ||||||||
Other financing expenses
|
(784
|
)
|
(637
|
)
|
(5,899
|
)
|
(870
|
)
| ||||||||
Financing expenses, net
|
(2,946
|
)
|
(2,766
|
)
|
(26,884
|
)
|
(3,268
|
)
| ||||||||
Loss before taxes on income
|
(3,127
|
)
|
(2,985
|
)
|
(22,753
|
)
|
(3,470
|
)
| ||||||||
Tax benefit (Taxes on income)
|
(279
|
)
|
319
|
2,489
|
(310
|
)
| ||||||||||
Loss for the period
|
(3,406
|
)
|
(2,666
|
)
|
(20,264
|
)
|
(3,780
|
)
| ||||||||
Loss attributable to:
| ||||||||||||||||
Owners of the Company
|
(2,934
|
)
|
(2,069
|
)
|
(15,408
|
)
|
(3,255
|
)
| ||||||||
Non-controlling interests
|
(472
|
)
|
(597
|
)
|
(4,856
|
)
|
(525
|
)
| ||||||||
Loss for the period
|
(3,406
|
)
|
(2,666
|
)
|
(20,264
|
)
|
(3,780
|
)
| ||||||||
Other comprehensive income (loss) item
| ||||||||||||||||
That after initial recognition in comprehensive income (loss) were or will be transferred to profit or loss:
| ||||||||||||||||
Foreign currency translation differences for foreign operations
|
(98
|
)
|
562
|
12,284
|
(109
|
)
| ||||||||||
Effective portion of change in fair value of cash flow hedges
|
(40,786
|
)
|
(1,929
|
)
|
(13,429
|
)
|
(45,250
|
)
| ||||||||
Net change in fair value of cash flow hedges transferred to profit or loss
|
27
|
(1,004
|
)
|
(3,353
|
)
|
30
| ||||||||||
Total other comprehensive loss
|
(40,857
|
)
|
(2,371
|
)
|
(4,498
|
)
|
(45,329
|
)
| ||||||||
Total other comprehensive loss attributable to:
| ||||||||||||||||
Owners of the Company
|
(20,669
|
)
|
(1,112
|
)
|
3,124
|
(22,931
|
)
| |||||||||
Non-controlling interests
|
(20,188
|
)
|
(1,259
|
)
|
(7,622
|
)
|
(22,398
|
)
| ||||||||
Total other comprehensive loss for the period
|
(40,857
|
)
|
(2,371
|
)
|
(4,498
|
)
|
(45,329
|
)
| ||||||||
Total comprehensiveloss for the period
|
(44,263
|
)
|
(5,037
|
)
|
(24,762
|
)
|
(49,109
|
)
| ||||||||
Total comprehensive loss attributable to:
| ||||||||||||||||
Owners of the Company
|
(23,603
|
)
|
(3,181
|
)
|
(12,284
|
)
|
(26,186
|
)
| ||||||||
Non-controlling interests
|
(20,660
|
)
|
(1,856
|
)
|
(12,478
|
)
|
(22,923
|
)
| ||||||||
Total comprehensiveloss for the period
|
(44,263
|
)
|
(5,037
|
)
|
(24,762
|
)
|
(49,109
|
)
| ||||||||
Basic net loss per share
|
(0.23
|
)
|
(0.16
|
)
|
(1.20
|
)
|
(0.26
|
)
| ||||||||
Diluted net loss per share
|
(0.23
|
)
|
(0.16
|
)
|
(1.20
|
)
|
(0.26
|
)
|
Non- controlling
|
Total
| |||||||||||||||||||||||||||||||||||||||
Attributable to shareholders of the Company
|
Interests
|
Equity
| ||||||||||||||||||||||||||||||||||||||
Share capital
|
Share premium
|
Accumulated Deficit
|
Treasury shares
|
Translation reserve from
foreign operations
|
Hedging Reserve
|
Interests Transaction reserve with
non-controlling Interests
|
Total
| |||||||||||||||||||||||||||||||||
€ in thousands
| ||||||||||||||||||||||||||||||||||||||||
For the three months ended
| ||||||||||||||||||||||||||||||||||||||||
March 31, 2022 (Unaudited):
| ||||||||||||||||||||||||||||||||||||||||
Balance as at January 1, 2022
|
25,605
|
85,883
|
(7,217
|
)
|
(1,736
|
)
|
15,365
|
(8,077
|
)
|
5,697
|
115,520
|
(2,037
|
)
|
113,483
| ||||||||||||||||||||||||||
Loss for the period
|
-
|
-
|
(2,934
|
)
|
-
|
-
|
-
|
-
|
(2,934
|
)
|
(472
|
)
|
(3,406
|
)
| ||||||||||||||||||||||||||
Other comprehensive loss for the period
|
-
|
-
|
-
|
-
|
(90
|
)
|
(20,579
|
)
|
-
|
(20,669
|
)
|
(20,188
|
)
|
(40,857
|
)
| |||||||||||||||||||||||||
Total comprehensive loss for the period
|
-
|
-
|
(2,934
|
)
|
-
|
(90
|
)
|
(20,579
|
)
|
-
|
(23,603
|
)
|
(20,660
|
)
|
(44,263
|
)
| ||||||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity:
| ||||||||||||||||||||||||||||||||||||||||
Issuance of ordinary shares
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
| ||||||||||||||||||||||||||||||
Acquisition of shares in subsidiaries from non-controlling interests
|
-
|
-
|
-
|
-
| ||||||||||||||||||||||||||||||||||||
Warrants exercise
|
-
|
-
|
-
|
-
|
-
| |||||||||||||||||||||||||||||||||||
Options exercise
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
| ||||||||||||||||||||||||||||||
Share-based payments
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
| ||||||||||||||||||||||||||||||
Balance as at March 31, 2022
|
25,605
|
85,883
|
(10,151
|
)
|
(1,736
|
)
|
15,275
|
(28,656
|
)
|
5,697
|
91,917
|
(22,697
|
)
|
69,220
| ||||||||||||||||||||||||||
For the three months
| ||||||||||||||||||||||||||||||||||||||||
ended March 31, 2021 (Unaudited):
| ||||||||||||||||||||||||||||||||||||||||
Balance as at January 1, 2021
|
25,102
|
82,401
|
8,191
|
(1,736
|
)
|
3,823
|
341
|
6,106
|
124,228
|
798
|
125,026
| |||||||||||||||||||||||||||||
Loss for the period
|
-
|
-
|
(2,069
|
)
|
-
|
-
|
-
|
-
|
(2,069
|
)
|
(597
|
)
|
(2,666
|
)
| ||||||||||||||||||||||||||
Other comprehensive income (loss) for the period
|
-
|
-
|
-
|
-
|
558
|
(1,670
|
)
|
-
|
(1,112
|
)
|
(1,259
|
)
|
(2,371
|
)
| ||||||||||||||||||||||||||
Total comprehensive income (loss) for the period
|
-
|
-
|
(2,069
|
)
|
-
|
558
|
(1,670
|
)
|
-
|
(3,181
|
)
|
(1,856
|
)
|
(5,037
|
)
| |||||||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity:
| ||||||||||||||||||||||||||||||||||||||||
Buy of shares in subsidiaries from non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
(961
|
)
|
(961
|
)
|
961
|
-
| ||||||||||||||||||||||||||||
Warrants exercise
|
454
|
3,348
|
-
|
-
|
-
|
-
|
-
|
3,802
|
-
|
3,802
| ||||||||||||||||||||||||||||||
Options exercise
|
22
|
-
|
-
|
-
|
-
|
-
|
-
|
22
|
-
|
22
| ||||||||||||||||||||||||||||||
Share-based payments
|
-
|
7
|
-
|
-
|
-
|
-
|
-
|
7
|
-
|
7
| ||||||||||||||||||||||||||||||
Balance as at March 31, 2021
|
25,578
|
85,756
|
6,122
|
(1,736
|
)
|
4,381
|
(1,329
|
)
|
5,145
|
123,917
|
(97
|
)
|
123,820
|
Non- controlling
|
Total
| |||||||||||||||||||||||||||||||||||||||
Attributable to shareholders of the Company
|
Interests
|
Equity
| ||||||||||||||||||||||||||||||||||||||
Share capital
|
Share premium
|
Accumulated Deficit
|
Treasury shares
|
Translation reserve from
foreign operations
|
Hedging Reserve
|
Interests Transaction reserve with
non-controlling Interests
|
Total
| |||||||||||||||||||||||||||||||||
€ in thousands
| ||||||||||||||||||||||||||||||||||||||||
For the year ended
| ||||||||||||||||||||||||||||||||||||||||
December 31, 2021 (Audited):
| ||||||||||||||||||||||||||||||||||||||||
Balance as at January 1, 2021
|
25,102
|
82,401
|
8,191
|
(1,736
|
)
|
3,823
|
341
|
6,106
|
124,228
|
798
|
125,026
| |||||||||||||||||||||||||||||
Profit (loss) for the year
|
-
|
-
|
(15,408
|
)
|
-
|
-
|
-
|
-
|
(15,408
|
)
|
(4,856
|
)
|
(20,264
|
)
| ||||||||||||||||||||||||||
Other comprehensive income (loss) for the year
|
-
|
-
|
-
|
-
|
11,542
|
(8,418
|
)
|
-
|
3,124
|
(7,622
|
)
|
(4,498
|
)
| |||||||||||||||||||||||||||
Total comprehensive income (loss) for the year
|
-
|
-
|
(15,408
|
)
|
-
|
11,542
|
(8,418
|
)
|
-
|
(12,284
|
)
|
(12,478
|
)
|
(24,762
|
)
| |||||||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity:
| ||||||||||||||||||||||||||||||||||||||||
Issuance of ordinary shares
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
8,682
|
8,682
| ||||||||||||||||||||||||||||||
Acquisition of shares in subsidiaries from non-controlling interests
|
(409
|
)
|
(409
|
)
|
961
|
552
| ||||||||||||||||||||||||||||||||||
Warrants exercise
|
454
|
3,419
|
3,873
|
-
|
3,873
| |||||||||||||||||||||||||||||||||||
Options exercise
|
49
|
-
|
-
|
-
|
-
|
-
|
-
|
49
|
-
|
49
| ||||||||||||||||||||||||||||||
Share-based payments
|
-
|
63
|
-
|
-
|
-
|
-
|
-
|
63
|
-
|
63
| ||||||||||||||||||||||||||||||
Balance as at December 31, 2021
|
25,605
|
85,883
|
(7,217
|
)
|
(1,736
|
)
|
15,365
|
(8,077
|
)
|
5,697
|
115,520
|
(2,037
|
)
|
113,483
|
Non- controlling
|
Total
| |||||||||||||||||||||||||||||||||||||||
Attributable to shareholders of the Company
|
Interests
|
Equity
| ||||||||||||||||||||||||||||||||||||||
Share capital
|
Share premium
|
Retained earnings
|
Treasury shares
|
Translation reserve from
foreign operations
|
Hedging Reserve
|
Interests Transaction reserve with
non-controlling Interests
|
Total
| |||||||||||||||||||||||||||||||||
Convenience translation into US$ (exchange rate as at March 31, 2022: euro 1 = US$ 1.109)
| ||||||||||||||||||||||||||||||||||||||||
For the three-month ended March 31, 2022 (unaudited):
| ||||||||||||||||||||||||||||||||||||||||
Balance as at January 1, 2022
|
28,407
|
95,283
|
(8,007
|
)
|
(1,926
|
)
|
17,047
|
(8,961
|
)
|
6,321
|
128,164
|
(2,258
|
)
|
125,906
| ||||||||||||||||||||||||||
Loss for the period
|
-
|
-
|
(3,255
|
)
|
-
|
-
|
-
|
-
|
(3,255
|
)
|
(525
|
)
|
(3,780
|
)
| ||||||||||||||||||||||||||
Other comprehensive loss for the period
|
-
|
-
|
-
|
-
|
(100
|
)
|
(22,831
|
)
|
-
|
(22,931
|
)
|
(22,398
|
)
|
(45,329
|
)
| |||||||||||||||||||||||||
Total comprehensive loss for the period
|
-
|
-
|
(3,255
|
)
|
-
|
(100
|
)
|
(22,831
|
)
|
-
|
(26,186
|
)
|
(22,923
|
)
|
(49,109
|
)
| ||||||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity:
| ||||||||||||||||||||||||||||||||||||||||
Buy of shares in subsidiaries from non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
| ||||||||||||||||||||||||||||||
Warrants exercise
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
| ||||||||||||||||||||||||||||||
Options exercise
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
| ||||||||||||||||||||||||||||||
Share-based payments
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
| ||||||||||||||||||||||||||||||
Balance as at
| ||||||||||||||||||||||||||||||||||||||||
March 31, 2022
|
28,407
|
95,283
|
(11,262
|
)
|
(1,926
|
)
|
16,947
|
(31,792
|
)
|
6,321
|
101,978
|
(25,181
|
)
|
76,797
|
For the three months ended
March 31,
|
For the year ended December 31,
|
For the three months ended March 31,
| ||||||||||||||
2022
|
2021
|
2021
|
2022
| |||||||||||||
Unaudited
|
Audited
|
Unaudited
| ||||||||||||||
€ in thousands
|
Convenience Translation into US$ in thousands*
| |||||||||||||||
Cash flows from operating activities
| ||||||||||||||||
Loss for the period
|
(3,406
|
)
|
(2,666
|
)
|
(20,264
|
)
|
(3,780
|
)
| ||||||||
Adjustments for: | ||||||||||||||||
Financing expenses, net
|
2,946
|
2,766
|
26,884
|
3,268
| ||||||||||||
Profit from settlement of derivatives contract
|
-
|
(407
|
)
|
(407
|
)
|
-
| ||||||||||
Depreciation and amortization
|
4,014
|
3,051
|
15,076
|
4,453
| ||||||||||||
Share-based payment transactions
|
-
|
7
|
63
|
-
| ||||||||||||
Share of profits of equity accounted investees
|
(231
|
)
|
(617
|
)
|
(117
|
)
|
(256
|
)
| ||||||||
Payment of interest on loan from an equity accounted investee
|
-
|
-
|
859
|
-
| ||||||||||||
Change in trade receivables and other receivables
|
(2,814
|
)
|
(1,182
|
)
|
(1,883
|
)
|
(3,122
|
)
| ||||||||
Change in other assets
|
1,841
|
30
|
(545
|
)
|
2,042
| |||||||||||
Change in receivables from concessions project
|
252
|
221
|
1,580
|
280
| ||||||||||||
Change in trade payables
|
(75
|
)
|
(382
|
)
|
154
|
(83
|
)
| |||||||||
Change in other payables
|
5,274
|
1,596
|
2,380
|
5,851
| ||||||||||||
Tax benefit (Taxes on income)
|
279
|
(319
|
)
|
(2,489
|
)
|
310
| ||||||||||
Income taxes paid
|
-
|
-
|
(94
|
)
|
-
| |||||||||||
Interest received
|
471
|
427
|
1,844
|
523
| ||||||||||||
Interest paid
|
(404
|
)
|
(1,206
|
)
|
(7,801
|
)
|
(448
|
)
| ||||||||
11,553
|
3,985
|
35,504
|
12,818
| |||||||||||||
Net cash from operating activities
|
8,147
|
1,319
|
15,240
|
9,038
| ||||||||||||
Cash flows from investing activities
| ||||||||||||||||
Acquisition of fixed assets
|
(15,527
|
)
|
(25,653
|
)
|
(82,810
|
)
|
(17,226
|
)
| ||||||||
Acquisition of subsidiary, net of cash acquire
|
-
|
-
|
-
|
-
| ||||||||||||
VAT associated with the acquisition of fixed assets
|
(2,225
|
)
|
-
|
-
|
(2,469
|
)
| ||||||||||
Repayment of loan from an equity accounted investee
|
-
|
-
|
1,400
|
-
| ||||||||||||
Loan to an equity accounted investee
|
-
|
(113
|
)
|
(335
|
)
|
-
| ||||||||||
Advances on account of investments
|
-
|
-
|
-
|
-
| ||||||||||||
Proceeds from marketable securities
|
-
|
-
|
-
|
-
| ||||||||||||
Acquisition of marketable securities
|
-
|
-
|
-
|
-
| ||||||||||||
Proceeds from settlement of derivatives, net
|
(528
|
)
|
(252
|
)
|
(976
|
)
|
(586
|
)
| ||||||||
Proceed (investment) in restricted cash, net
|
1,103
|
454
|
(5,990
|
)
|
1,224
| |||||||||||
Investment in short term deposit
|
-
|
8,533
|
(18,599
|
)
|
-
| |||||||||||
Proceeds (Investment) in Marketable Securities
|
-
|
1,785
|
(112
|
)
|
-
| |||||||||||
Compensation as per agreement with Erez Electricity Ltd.
|
-
|
-
|
-
|
-
| ||||||||||||
Net cash used in investing activities
|
(17,177
|
)
|
(15,246
|
)
|
(107,422
|
)
|
(19,057
|
)
| ||||||||
Cash flows from financing activities
| ||||||||||||||||
Issuance of warrants
|
-
|
-
|
3,746
|
-
| ||||||||||||
Repayment of long-term loans and finance lease obligations
|
(121,372
|
)
|
(457
|
)
|
(18,905
|
)
|
(134,656
|
)
| ||||||||
Repayment of SWAP instrument associated with long term loans
|
(3,290
|
)
|
-
|
-
|
(3,650
|
)
| ||||||||||
Repayment of Debentures
|
-
|
(21,877
|
)
|
(30,730
|
)
|
-
| ||||||||||
Cost associated with long term loans
|
(8,460
|
)
|
(197
|
)
|
(2,796
|
)
|
(9,386
|
)
| ||||||||
Proceeds from options
|
-
|
22
|
49
|
-
| ||||||||||||
Sale of shares in subsidiaries to non-controlling interests
|
-
|
1,400
|
1,400
|
-
| ||||||||||||
Issuance of ordinary shares
|
-
|
3,675
|
-
|
-
| ||||||||||||
Payment of principal of lease liabilities
|
(3,795
|
)
|
-
|
(4,803
|
)
|
(4,210
|
)
| |||||||||
Proceeds from long term loans, net
|
196,520
|
27,061
|
32,947
|
218,028
| ||||||||||||
Proceeds from issue of convertible debentures
|
-
|
15,571
|
15,571
|
-
| ||||||||||||
Proceeds from issuance of Debentures, net
|
-
|
25,465
|
57,717
|
-
| ||||||||||||
Net cash from financing activities
|
59,603
|
50,663
|
54,196
|
66,126
| ||||||||||||
Effect of exchange rate fluctuations on cash and cash equivalents
|
(821
|
)
|
1,439
|
12,370
|
(910
|
)
| ||||||||||
Increase (decrease) in cash and cash equivalents
|
49,752
|
38,175
|
(25,616
|
)
|
55,197
| |||||||||||
Cash and cash equivalents at the beginning of the period
|
41,229
|
66,845
|
66,845
|
45,741
| ||||||||||||
Cash and cash equivalents at the end of the period
|
90,981
|
105,020
|
41,229
|
100,938
|
PV
|
Total
| |||||||||||||||||||||||||||||||||||||||||||
Ellomay
|
Bio
|
reportable
|
Total
| |||||||||||||||||||||||||||||||||||||||||
Italy
|
Spain
|
Solar1 |
Talasol
|
Israel2 |
Gas
|
Dorad
|
Manara
|
segments
|
Reconciliations
|
consolidated
| ||||||||||||||||||||||||||||||||||
For the three months ended March 31, 2022
| ||||||||||||||||||||||||||||||||||||||||||||
€ in thousands
| ||||||||||||||||||||||||||||||||||||||||||||
Revenues
|
-
|
852
|
-
|
7,501
|
926
|
3,138
|
14,516
|
-
|
26,933
|
(15,172
|
)
|
11,761
| ||||||||||||||||||||||||||||||||
Operating expenses
|
-
|
(160
|
)
|
-
|
(3,069
|
)
|
(105
|
)
|
(2,637
|
)
|
(10,646
|
)
|
-
|
(16,617
|
)
|
10,646
|
(5,971
|
)
| ||||||||||||||||||||||||||
Depreciation expenses
|
-
|
(242
|
)
|
-
|
(2,802
|
)
|
(629
|
)
|
(842
|
)
|
(1,780
|
)
|
-
|
(6,295
|
)
|
2,281
|
(4,014
|
)
| ||||||||||||||||||||||||||
Gross profit (loss)
|
-
|
450
|
-
|
1,630
|
192
|
(341
|
)
|
2,090
|
-
|
4,021
|
(2,245
|
)
|
1,776
| |||||||||||||||||||||||||||||||
Project development costs
|
(711
|
)
| ||||||||||||||||||||||||||||||||||||||||||
General and
| ||||||||||||||||||||||||||||||||||||||||||||
administrative expenses
|
(1,477
|
)
| ||||||||||||||||||||||||||||||||||||||||||
Share of loss of equity
| ||||||||||||||||||||||||||||||||||||||||||||
accounted investee
|
231
| |||||||||||||||||||||||||||||||||||||||||||
Operating profit
|
(181
|
)
| ||||||||||||||||||||||||||||||||||||||||||
Financing income
|
809
| |||||||||||||||||||||||||||||||||||||||||||
Financing expenses in connection
| ||||||||||||||||||||||||||||||||||||||||||||
with derivatives and warrants, net
|
(34
|
) | ||||||||||||||||||||||||||||||||||||||||||
Financing expenses in connection with projects finance
|
(1,365
| ) | ||||||||||||||||||||||||||||||||||||||||||
Financing expenses in connection with debentures
|
(1,029
| ) | ||||||||||||||||||||||||||||||||||||||||||
Interest expenses on minority shareholder loan
|
(543
| ) | ||||||||||||||||||||||||||||||||||||||||||
Other financing expenses
|
(784
| ) | ||||||||||||||||||||||||||||||||||||||||||
Financing expenses, net
|
(2,946
| ) | ||||||||||||||||||||||||||||||||||||||||||
Loss before taxes
| ||||||||||||||||||||||||||||||||||||||||||||
on Income
|
(3,127
| ) | ||||||||||||||||||||||||||||||||||||||||||
Segment assets as at
| ||||||||||||||||||||||||||||||||||||||||||||
March 31, 2022
|
2,130
|
14,278
|
17,891
|
301,701
|
38,333
|
33,813
|
117,980
|
126,731
|
652,857
|
(22,358
|
)
|
630,499
|
For the three months ended
March 31,
|
For the year ended December 31,
|
For the three months ended March 31,
| ||||||||||||||
2022
|
2021
|
2021
|
2022
| |||||||||||||
Unaudited
| ||||||||||||||||
€ in thousands
|
Convenience Translation into US$ in thousands*
| |||||||||||||||
Net loss for the period
|
(3,406
|
)
|
(2,666
|
)
|
(20,264
|
)
|
(3,780
|
)
| ||||||||
Financing expenses, net
|
2,946
|
2,766
|
26,884
|
3,268
| ||||||||||||
Taxes on income (Tax benefit)
|
279
|
(319
|
)
|
(2,489
|
)
|
310
| ||||||||||
Depreciation
|
4,014
|
3,051
|
15,076
|
4,453
| ||||||||||||
EBITDA
|
3,833
|
2,832
|
19,207
|
4,251
|
For the four-quarter period ended March 31, 2022
| ||||
Unaudited
| ||||
€ in thousands
| ||||
Loss for the period
|
(21,004
|
)
| ||
Financing expenses, net
|
27,064
| |||
Tax benefit
|
(1,891
|
)
| ||
Depreciation
|
16,039
| |||
Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model
|
3,292
| |||
Share-based payments
|
42
| |||
Adjusted EBITDA as defined the Series C Deed of Trust
|
23,542
|
For the four quarter period ended March 31, 2022
| ||||
Unaudited
| ||||
€ in thousands
| ||||
Loss for the period
|
(21,004
|
)
| ||
Financing expenses, net
|
27,064
| |||
Taxes on income
|
(1,891
|
)
| ||
Depreciation
|
16,039
| |||
Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model
|
3,292
| |||
Share-based payments
|
42
| |||
Adjusted EBITDA as defined the Series D Deed of Trust
|
23,542
|
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Ellomay Capital Ltd. published this content on 29 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 June 2022 20:41:05 UTC.