Exhibit 99.1
 
 
Ellomay Capital Reports Results for the Three and Nine Months Ended September 30, 2016
 
Tel-Aviv, Israel, December 28, 2016 – Ellomay Capital Ltd. (NYSE MKT; TASE: ELLO) (“Ellomay” or the “Company”) an emerging operator in the renewable energy and energy infrastructure sector, today reported its unaudited financial results for the three and nine month periods ended September 30, 2016.

Financial Highlights

·
Revenues were approximately $10.6 million (approximately €9.5 million) for the nine months ended September 30, 2016, compared to approximately $11.6 million (approximately €10.4 million) for the nine months ended September 30, 2015. The decrease in revenues is mainly a result of relatively lower electricity spot prices and radiation levels during the nine months ended September 30, 2016 compared to the nine month period ended September 30, 2015, as 2015 was characterized by relatively high levels of radiation.
 
·
Operating expenses were approximately $1.9 million (approximately €1.7 million) for the nine months ended September 30, 2016, and for the nine months ended September 30, 2015. Depreciation expenses were approximately $3.7 million (approximately €3.3 million) for the nine months ended September 30, 2016, and for the nine months ended September 30, 2015.
 
·
General and administrative expenses were approximately $3.4 million for the nine months ended September 30, 2016, compared to approximately $2.7 million for the nine months ended September 30, 2015. The increase is mainly due to the Pumped Storage Project in the Manara Cliff in Israel (the “Manara PSP”), an amount that was recorded in the general and administrative expenses.
 
·
Company’s share of income of investee accounted for at equity, after elimination of intercompany transactions, was approximately $1.1 million for the nine months ended September 30, 2016, and for the nine months ended September 30, 2015.
 
·
Financing expenses, net was approximately $4.5 million for the nine months ended September 30, 2016, compared to financing income, net of approximately $0.9 million for the nine months ended September 30, 2015. The change in financing expenses was mainly due income deriving from the reevaluation of our EUR/USD forward transactions, our currency interest rate swap transactions and our interest rate swap transactions in the aggregate amount of approximately $4.5 million during the nine months ended September 30, 2015, compared to a loss of approximately $1.5 million during the nine months ended September 30, 2016.
 
·
Taxes on income was approximately $0.6 million for the nine months ended September 30, 2016, compared to tax benefit of approximately $2.1 million for the nine months ended September 30, 2015. This tax benefit for the nine months ended September 30, 2015 resulted mainly from deferred tax income included in connection with the application of a tax incentive claimable upon filing the relevant tax return by reducing the amount of taxable profit.
 
·
Net loss was approximately $2.2 million for the nine months ended September 30, 2016, compared to net income of approximately $7.5 million for the nine months ended September 30, 2015.
 
·
Total other comprehensive income was approximately $2.5 million for the nine months ended September 30, 2016, compared to other comprehensive losses of approximately $5.2 million for the nine months ended September 30, 2015. The change was mainly due to presentation currency translation adjustments as a result of fluctuations in the Euro/USD exchange rates. Such gain is a result of the revaluation in the Euro against the U.S. Dollar of approximately 2.76% for the nine months ended September 30, 2016, compared to devaluation of approximately 7.6% for the nine months ended September 30, 2015.
 
·
Total comprehensive income was approximately $0.3 million for the nine months ended September 30, 2016, compared to approximately $2.3 million for the nine months ended September 30, 2015.
 

 
·
EBITDA was approximately $6.5 million for the nine months ended September 30, 2016 compared to approximately $8.1 million for the nine months ended September 30, 2015, respectively. The decrease in EBITDA is mainly due to the decrease in revenues resulting from relatively lower electricity spot prices and radiation levels and the investment in the Manara PSP.
 
·
Net cash provided by operating activities was approximately $2.4 million for the nine months ended September 30, 2016 compared to approximately $4.6 million for the nine months ended September 30, 2015. The decrease in net cash provided by operating activities is mainly attributable to VAT refunds received by two of the Company’s Spanish subsidiaries during the nine months ended September 30, 2015 amounting to approximately $1.6 million, and increased expenditure in connection with the Manara PSP during the nine month period ended September 30, 2016.
 
·
In August 2016, Ellomay Pumped Storage (2014) Ltd., a 75% owned subsidiary of the Company, received a conditional license for the Manara PSP from the Israeli Minister of National Infrastructures, Energy and Water Resources (the “Conditional License”). The Conditional License regulates the construction of a pumped storage plant in the Manara Cliff with a capacity of 340 MW. The Conditional License includes several conditions precedent to the entitlement of the holder of the Conditional License to receive an electricity production license.
 
·
In July 2016, the Company, through its wholly-owned subsidiary Ellomay Luxemburg Holdings S.àr.l. (“Ellomay Luxemburg”), entered into a strategic agreement (the “Ludan Agreement”) with Ludan Energy Overseas B.V. (“Ludan”), a wholly-owned subsidiary of Ludan Engineering Co. Ltd. (TASE: LUDN), in connection with Waste-to-Energy (specifically Gasification and Bio-Gas (anaerobic digestion)) projects in the Netherlands. Pursuant to the Ludan Agreement, subject to the fulfillment of certain conditions (including the financial closing of each project and receipt of a valid Sustainable Energy Production Incentive subsidy from the Dutch authorities and applicable licenses), the Company will acquire at least 51% of each project company and Ludan will own the remaining 49%. The expected overall cost of the projects is approximately EUR 200 million (including project financing).
 
Pursuant to the Ludan Agreement, during July, September and October of 2016, the Company, through, Ellomay Luxemburg, entered into loan agreements with Ludan whereby the Company provided approximately Euro 2.1 million (approximately $2.2 million) to Ludan (the "Ludan Loans"), for purposes of the acquisition of the the rights in Groen Gas Goor B.V. ("Groen Goor"), a project company developing an anaerobic digestion plant, with a green gas production capacity of approximately 375 Nm3/h, in Goor, the Netherlands (the "Goor Project") and the acquisition of the Goor Project’s land. Ellomay Luxemburg was issued shares representing a 51% interest in Groen Goor. During November 2016, Groen Goor entered into an EPC and O&M agreement in connection with the Goor Project with Ludan. It is estimated that the duration of the construction of the Goor Project shall be approximately one year and the expected overall capital expenditure in connection with the Goor Project are approximately Euro 10 million (approximately $10.6 million). The Ludan Loans converted into Ellomay Luxemburg shareholder’s loans to Groen Goor upon the financial closing of the Goor Project, which occurred on December 20, 2016. Groen Goor executed the financing agreement with Coöperatieve Rabobank U.A. that agreed to provide the following financing tranches: (i) two loans with principal amounts of Euro 3.9 million and Euro 1.7 million, each with a fixed annual interest rate of 3% for the first five years, for a period of 12.25 years, repayable in equal monthly installments commencing three months following the connection of the Goor Project's facility to the grid and (ii) an on-call credit facility of Euro 370,000 with variable interest.
 
As of December 1, 2016, the Company held approximately $27.8 million in cash and cash equivalents, approximately $1 in marketable securities and approximately $6.2 million in restricted cash.

Ran Fridrich, CEO and a board member of Ellomay commented: “Ellomay continues to maintain a stable operating profit and to expand its operations. We continue promoting the Manara Cliff pumped-storage project and recently entered into the Netherlands Waste-to-Energy market. On December 20, 2016 the financial closing of the first Dutch biogas Project occurred. This is an important milestone for Ellomay, executing our strategic plan to expand our operations.”


 
Information for the Company’s Series A Debenture Holders
 
As of September 30, 2016, the Company’s Net Financial Debt (as such term is defined in the Series A Debentures Deed of Trust) was approximately $12.2 million (consisting of approximately $19.4 million of short-term and long-term debt from banks and other interest bearing financial obligations and approximately $41.6 million in connection with the Series A Debentures issuances (in January and June 2014), net of approximately $29.2 million of cash and cash equivalents and marketable securities and net of approximately $19.6 million of project finance and related hedging transactions of the Company’s subsidiaries).
 
Use of NON-IFRS Financial Measures

EBITDA is a non-IFRS measure and is defined as earnings before financial expenses, net, taxes, depreciation and amortization. The Company presents this measure in order to enhance the understanding of the Company’s historical financial performance and to enable comparability between periods. While the Company considers EBITDA to be an important measure of comparative operating performance, EBITDA should not be considered in isolation or as a substitute for net income or other statement of operations or cash flow data prepared in accordance with IFRS as a measure of profitability or liquidity. EBITDA does not take into account the Company’s commitments, including capital expenditures, and restricted cash and, accordingly, is not necessarily indicative of amounts that may be available for discretionary uses. Not all companies calculate EBITDA in the same manner, and the measure as presented may not be comparable to similarly-titled measures presented by other companies. The Company’s EBITDA may not be indicative of the historic operating results of the Company; nor is it meant to be predictive of potential future results. A reconciliation between results on an IFRS and non-IFRS basis is provided in the last table of this press release.
 
About Ellomay Capital Ltd.
 
Ellomay is an Israeli based company whose shares are registered with the NYSE MKT, under the trading symbol “ELLO” and with the Tel Aviv Stock Exchange under the trading symbol “ELOM.”  Since 2009, Ellomay Capital focuses its business in the energy and infrastructure sectors worldwide. Ellomay (formerly Nur Macroprinters Ltd.) previously was a supplier of wide format and super-wide format digital printing systems and related products worldwide, and sold this business to Hewlett-Packard Company during 2008 for more than $100 million.
 
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 and approximately 7.9MW of photovoltaic power plants in Spain;
·
9.375% indirect interest in Dorad Energy Ltd., which owns and operates one of Israel’s largest private power plants with production capacity of approximately 850 MW, representing about 6%-8% of Israel’s total current electricity consumption; and
·
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 340 MW pumped storage hydro power plant in the Manara Cliff, Israel.
 
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. 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, 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 our forward-looking statements including changes in regulation, seasonality of the PV business and market conditions. These and other risks and uncertainties associated with the Company’s business are described in greater detail in the filings the Company makes from time to time with Securities and Exchange Commission, including its Annual Report on Form 20-F. The forward-looking statements are made as of this date and the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:
Kalia Weintraub
CFO
Tel: +972 (3) 797-1111
Email: anatb@ellomay.com


 
Ellomay Capital Ltd. and its Subsidiaries

Condensed Consolidated Interim Statements of Financial Position
 
   
September 30,
   
December 31,
 
   
2016
   
2015
 
   
Unaudited
   
Audited
 
   
US$ in thousands
 
Assets
           
Current assets
           
Cash and cash equivalents
   
23,684
     
18,717
 
Marketable securities
   
5,555
     
6,499
 
Restricted cash
   
81
     
79
 
Other receivables and prepaid expenses
   
7,852
     
8,218
 
     
37,172
     
33,513
 
Non-current assets
               
Investment in equity accounted investee
   
30,666
     
33,970
 
Financial assets
   
4,405
     
4,865
 
Fixed assets
   
77,526
     
78,975
 
Restricted cash and deposits
   
6,222
     
5,317
 
Deferred tax
   
2,793
     
2,840
 
Advances on account of investments
   
2,039
     
-
 
Other assets
   
939
     
847
 
     
124,590
     
126,814
 
Total assets
   
161,762
     
160,327
 
                 
Liabilities and Equity
               
Current liabilities
               
Loans and borrowings
   
1,219
     
1,133
 
Debentures
   
5,414
     
4,878
 
Trade payables
   
1,014
     
869
 
Other payables
   
4,045
     
3,223
 
     
11,692
     
10,103
 
Non-current liabilities
               
Finance lease obligations
   
4,588
     
4,724
 
Long-term loans
   
13,104
     
13,043
 
Debentures
   
36,204
     
35,074
 
Deferred tax
   
967
     
823
 
Other long-term liabilities
   
3,296
     
2,495
 
     
58,159
     
56,159
 
Total liabilities
   
69,851
     
66,262
 
                 
Equity
               
Share capital
   
26,597
     
26,597
 
Share premium
   
77,724
     
77,723
 
Treasury shares
   
(1,983
)
   
(1,972
)
Reserves
   
(12,750
)
   
(15,215
)
Retained earnings
   
2,886
     
7,200
 
Total equity attributed to shareholders of the Company
   
92,474
     
94,333
 
Non-Controlling Interest
   
(563
)
   
(268
)
                 
Total equity
   
91,911
     
94,065
 
Total liabilities and equity
   
161,762
     
160,327
 


 
Ellomay Capital Ltd. and its Subsidiaries

Condensed Consolidated Interim Statements of Comprehensive Income (loss)
 
   
For the Nine
Months ended
September 30,
   
For the Three
Months ended
September 30,
 
   
2016
   
2015
   
2016
   
2015
 
   
Unaudited
 
   
US$ thousands (except per share amounts)
 
Revenues
   
10,574
     
11,613
     
4,061
     
4,385
 
Operating expenses
   
1,858
     
1,930
     
699
     
568
 
Depreciation expenses
   
3,654
     
3,694
     
1,136
     
1,238
 
Gross profit
   
5,062
     
5,989
     
2,226
     
2,579
 
                                 
General and administrative expenses
   
* 3,359
     
* 2,735
     
1,519
     
1,029
 
Company’s share of gain  of investee accounted for at equity
   
1,097
     
1,112
     
785
     
895
 
Other income, net
   
85
     
60
     
-
     
3
 
Operating Profit
   
2,885
     
4,426
     
1,492
     
2,448
 
                                 
Financing income
   
196
     
370
     
32
     
1,277
 
Financing income (expenses) in connection with derivatives reevaluation, net
   
(1,458
)
   
4,496
     
(434
)
   
(811
)
Financing expenses
   
(3,260
)
   
(3,926
   
(1,365
)
   
(853
)
Financing income (expenses), net
   
(4,522
)
   
940
     
(1,767
)
   
(387
)
                                 
Profit (loss) before taxes on income
   
(1,637
)
   
5,366
     
(275
)
   
2,061
 
                                 
Tax benefit (Taxes on income)
   
(568
)
   
2,122
     
(259
)
   
2,830
 
                                 
Net income (loss) for the period
   
(2,205
)
   
7,488
     
(534
)
   
4,891
 
Income (Loss) attributable to:
                               
Shareholders of the Company
   
(1,910
)
   
7,672
     
(434
)
   
4,956
 
Non-controlling interests
   
(295
)
   
(184
)
   
(100
)
   
(65
)
                                 
Net income (loss) for the period
   
(2,205
)
   
7,488
     
(534
)
   
4,891
 
Other comprehensive income (loss)
                               
Items that are or may be reclassified to profit or loss:
                               
Foreign currency translation adjustments
   
(699
)
   
(219
)
   
(432
)
   
(918
)
Items that would not be reclassified to profit or loss:
                               
Presentation currency translation adjustments
   
3,164
     
(4,968
)
   
1,146
     
491
 
                                 
Total other comprehensive income
   
2,465
     
(5,187
)
   
714
     
(427
)
                                 
Total comprehensive income
   
260
     
2,301
     
180
     
4,464
 
                                 
Basic net earnings (loss) per share
   
(0.18
)
   
0.72
     
(0.04
)
   
0.46
 
Diluted net earnings (loss) per share
   
(0.18
)
   
0.71
     
(0.04
)
   
0.46
 

* Expenses in the amount of approximately $1.2 million in connection with “Manara PSP” were recorded in the general and administrative expenses for the nine months ended September 30, 2016 compared to approximately $0.6 million for the nine months ended September 30, 2015.


 
Ellomay Capital Ltd. and its Subsidiaries

Condensed Consolidated Interim Statements of Changes in Equity

               
Non- controlling
   
Total
 
    Attributable to owners of the Company    
interests
   
Equity
 
                           
Translation
                         
                           
Reserve
   
Presentation
                   
                           
From
   
currency
                   
   
Share
   
Share
   
Retained
   
Treasury
   
Foreign
   
translation
                   
   
capital
   
premium
   
earnings
   
shares
   
operations
   
reserve
   
Total
             
   
Unaudited
 
   
US$ in thousands
 
For the nine
months ended
                                                     
September 30, 2016
                                                     
                                                       
Balance as at
                                                     
January 1, 2016
   
26,597
     
77,723
     
7,200
     
(1,972
)
   
814
     
(16,029
)
   
94,333
     
(268
)
   
94,065
 
Loss for the period
   
-
     
-
     
(1,910
)
   
-
     
-
     
-
     
(1,910
)
   
(295
)
   
(2,205
)
Other comprehensive income
   
-
     
-
     
-
     
-
     
(699
)
   
3,164
     
2,465
     
-
     
2,465
 
Total comprehensive income
   
-
     
-
     
(1,910
)
   
-
     
(699
)
   
3,164
     
555
     
(295
)
   
260
 
Own shares acquired
   
-
     
-
     
-
     
(11
)
   
-
     
-
     
(11
)
   
-
     
(11
)
Cost of share-based payments
   
-
     
1
     
-
     
-
     
-
     
-
     
1
     
-
     
1
 
Dividend distribution
   
-
     
-
     
(2,404
)
   
-
     
-
     
-
     
(2,404
)
   
-
     
(2,404
)
Balance as at
                                                                       
 September 30, 2016
   
26,597
     
77,724
     
2,886
     
(1,983
)
   
115
     
(12,865
)
   
92,474
     
(563
)
   
91,911
 
 
               
Non- controlling
   
Total
 
    Attributable to owners of the Company    
interests
   
Equity
 
                           
Translation
                         
                           
Reserve
   
Presentation
                   
                           
From
   
currency
                   
   
Share
   
Share
   
Retained
   
Treasury
   
Foreign
   
translation
                   
   
capital
   
premium
   
earnings
   
shares
   
operations
   
reserve
   
Total
             
   
Unaudited
 
   
US$ in thousands
 
For the three
months ended
                                                     
September 30, 2016
                                                     
                                                       
Balance as at
                                                     
June 30, 2016
   
26,597
     
77,724
     
3,320
     
(1,980
)
   
547
     
(14,011
)
   
92,197
     
(463
)
   
91,734
 
Loss for the period
   
-
     
-
     
(434
)
   
-
     
-
     
-
     
(434
)
   
(100
)
   
(534
)
Other comprehensive income
   
-
     
-
     
-
     
-
     
(432
)
   
1,146
     
714
     
-
     
714
 
Total comprehensive income
   
-
     
-
     
(434
)
   
-
     
(432
)
   
1,146
     
280
     
(100
)
   
180
 
Own shares acquired
   
-
     
-
     
-
     
(3
)
   
-
     
-
     
(3
)
   
-
     
(3
)
Balance as at
                                                                       
 September 30, 2016
   
26,597
     
77,724
     
2,886
     
(1,983
)
   
115
     
(12,865
)
   
92,474
     
(563
)
   
91,911
 


 
Ellomay Capital Ltd. and its Subsidiaries

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

               
Non- controlling
   
Total
 
    Attributable to owners of the Company    
interests
   
Equity
 
                           
Translation
                         
               
Retained
         
Reserve
   
Presentation
                   
               
Earnings
         
from
   
Currency
                   
   
Share
   
Share
   
(accumulated
   
Treasury
   
foreign
   
translation
                   
   
capital
   
premium
   
deficit)
   
shares
   
operations
   
Reserve
   
Total
             
   
Unaudited
 
   
US$ in thousands
 
For the nine
months ended
                                                     
September 30, 2015
                                                     
                                                       
Balance as at
                                                     
January 1, 2015
   
26,180
     
76,932
     
(353
)
   
(522
)
   
955
     
(9,082
)
   
94,110
     
16
     
94,126
 
Income for the period
   
-
     
-
     
7,672
     
-
     
-
     
-
     
7,672
     
(184
)
   
7,488
 
Other comprehensive loss
   
-
     
-
     
-
     
-
     
(219
)
   
(4,968
)
   
(5,187
)
   
-
     
(5,187
)
Total comprehensive income
   
-
     
-
     
7,672
     
-
     
(219
)
   
(4,968
)
   
2,485
     
(184
)
   
2,301
 
Treasury stock
   
-
     
-
     
-
     
(564
)
   
-
     
-
     
(564
)
   
-
     
(564
)
Cost of share-based payments
   
-
     
79
     
-
     
-
     
-
     
-
     
79
     
-
     
79
 
Warrants and options exercise
   
417
     
784
     
-
     
-
     
-
     
-
     
1,201
     
-
     
1,201
 
Balance as at
                                                                       
 September 30, 2015
   
26,597
     
77,795
     
7,319
     
(1,086
)
   
736
     
(14,050
)
   
97,311
     
(168
)
   
97,143
 
 
               
Non- controlling
   
Total
 
    Attributable to owners of the Company    
interests
   
Equity
 
                           
Translation
                         
                           
reserve
   
Presentation
                   
                           
from
   
Currency
                   
   
Share
   
Share
   
Retained
   
Treasury
   
foreign
   
translation
                   
   
capital
   
premium
   
earnings
   
shares
   
operations
   
Reserve
   
Total
             
   
Unaudited
 
   
US$ in thousands
 
For the three
months ended
                                                     
September 30, 2015
                                                     
                                                       
Balance as at
                                                     
June 30, 2015
   
26,240
     
76,940
     
2,363
     
(522
)
   
1,654
     
(14,541
)
   
92,134
     
(103
)
   
92,031
 
Income for the period
   
-
     
-
     
4,956
     
-
     
-
     
-
     
4,956
     
(65
)
   
4,891
 
Other comprehensive loss
   
-
     
-
     
-
     
-
     
(918
)
   
491
     
(427
)
   
-
     
(427
)
Total comprehensive income
   
-
     
-
     
4,956
     
-
     
(918
)
   
491
     
4,529
     
(65
)
   
4,464
 
Treasury stock
   
-
     
-
     
-
     
(564
)
   
-
     
-
     
(564
)
   
-
     
(564
)
Cost of share-based payments
   
-
     
55
     
-
     
-
     
-
     
-
     
55
     
-
     
55
 
Warrants and options exercise
   
357
     
800
     
-
     
-
     
-
     
-
     
1,157
     
-
     
1,157
 
Balance as at
                                                                       
 September 30, 2015
   
26,597
     
77,795
     
7,319
     
(1,086
)
   
736
     
(14,050
)
   
97,311
     
(168
)
   
97,143
 



Ellomay Capital Ltd. and its Subsidiaries

Condensed Consolidated Interim Statements of Cash Flows

   
For the Nine Months ended
September 30,
   
For the Three Months ended
September 30
 
   
2016
   
2015
   
2016
   
2015
 
   
Unaudited
 
 
US$ in thousands
 
Cash flows from operating activities
                               
Income (loss) for the period
   
(2,205
)
   
7,488
     
(534
)
   
4,891
 
Adjustments for:
                               
Financing (income) expenses, net
   
4,522
     
(940
   
1,767
     
387
 
Forward gain paid
   
-
     
223
     
-
     
223
 
Depreciation
   
3,654
     
3,694
     
1,136
     
1,238
 
Share-based payment
   
1
     
79
     
-
     
55
 
Share of profits of equity accounted investees
   
(1,097
)
   
(1,112
)
   
(785
)
   
(895
)
Change in trade receivables
   
22
     
(33
)
   
266
     
(128
)
Change in other receivables and prepaid expenses
   
(998
)
   
79
     
(154
)
   
2,385
 
Change in other assets
   
(537
)
   
(2,184
)
   
(424
)
   
2,186
 
Change in accrued severance pay, net
   
-
     
(1
)
   
-
     
(1
)
Change in trade payables
   
122
     
(71
)
   
(2
)
   
(22
)
Change in accrued expenses and other payable
   
66
     
1,253
     
581
     
(4,283
)
Income tax expense (tax benefit)
   
568
     
(2,122
)
   
259
     
(2,830
)
Income taxes paid
   
-
     
(188
)
   
-
     
(93
)
Interest received
   
176
     
109
     
32
     
16
 
Interest paid
   
(1,921
)
   
(1,688
)
   
(326
)
   
(239
)
Net cash provided by operating activities
   
2,373
     
4,586
     
1,816
     
2,890
 
                                 
Cash flows from investing activities
                               
Advances on account of investments
   
(2,039
)
   
-
     
(1,893
)
   
-
 
Investment in equity accounted investees
   
(803
)
   
(7,543
)
   
-
     
(87
)
Investment in restricted cash
   
(812
)
   
(706
)
   
(812
)
   
(156
)
Proceeds from Marketable Securities
   
2,011
     
-
     
1,003
     
-
 
Investment in Marketable Securities
   
(1,022
)
   
(1,350
)
   
(1,022
)
   
-
 
Repayment of loan to an equity accounted investee
   
7,772
     
-
     
7,772
     
-
 
Proceeds from deposits
   
-
     
3,980
     
-
     
-
 
Net cash provided by (used in) investing activities
   
5,107
     
(5,619
)
   
5,048
     
(243
)

Cash flows from financing activities
                       
Dividend distribution
   
(2,404
)
   
-
     
-
     
-
 
Proceeds from options and warrants exercised
   
-
     
1,201
     
-
     
1,157
 
Proceeds from long-term and short term borrowings
   
182
     
11,064
     
92
     
10,154
 
Repayment of long-term loans and finance lease obligations
   
(736
)
   
(894
)
   
(91
)
   
(470
)
Repurchase of own shares
   
(11
)
   
(564
)
   
(3
)
   
(564
)
Net cash provided by (used in) financing activities
   
(2,969
)
   
10,807
     
(2
)
   
10,277
 
       
Exchange differences on balance of cash and cash equivalents
   
456
     
(960
)
   
107
     
(43
)
Increase in cash and cash equivalents
   
4,967
     
8,814
     
6,969
     
12,881
 
Cash and cash equivalents at the beginning of the period
   
18,717
     
15,758
     
16,715
     
11,691
 
Cash and cash equivalents at the end of the period
   
23,684
     
24,572
     
23,684
     
24,572
 


 
Ellomay Capital Ltd. and its Subsidiaries

Reconciliation of Net income to EBITDA
 
   
For the Nine Months ended
September 30,
   
For the Three Months ended
September 30,
 
   
2016
   
2015
   
2016
   
2015
 
   
Unaudited
 
   
US$ in thousands
 
Net income (loss) for the period
   
(2,205
)
   
7,488
     
(534
)
   
4,891
 
                                 
Financing expenses (income), net
   
4,522
     
(940
)
   
1,767
     
387
 
Taxes on income
   
568
     
(2,122
)
   
259
     
(2,830
)
Depreciation
   
3,654
     
3,694
     
1,136
     
1,238
 
EBITDA
   
6,539
     
8,120
     
2,628
     
3,686