Exhibit 99.1
 

Ellomay Capital Reports Results for the Three Months Ended March 31, 2017

Tel-Aviv, Israel, June 21, 2017 – 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 month period ended March 31, 2017.

Financial Highlights

·
Revenues were approximately $2.7 million (approximately €2.5 million) for the three months ended March 31, 2017, compared to approximately $2.5 million (approximately €2.3 million) for the three months ended March 31, 2016. The increase in revenues is mainly due to higher levels of radiation and relatively higher electricity spot prices in Italy as a result of the replacement of the electricity broker.
 
·
Operating expenses were approximately $0.5 million (approximately €0.5 million) for the three months ended March 31, 2017, compared to approximately $0.6 million (approximately €0.5 million) for the three months ended March 31, 2016. The decrease in operating expenses is mainly attributable to the reduction of municipal taxes in Italy as a result of legislation adopted during the second quarter of 2016. Depreciation expenses were approximately $1.2 million (approximately €1.1 million) for the three month periods ended March 31, 2017 and 2016.
 
·
General and administrative expenses were approximately $1.4 million for the three months ended March 31, 2017, compared to approximately $1.1 million for the three months ended March 31, 2016. During the first quarter of 2017 the Company invested approximately $0.6 million in the Pumped Storage Project in the Manara Cliff in Israel, compared to an expenditure of approximately $0.4 million in the first quarter of 2016, which is recorded in the general and administrative expenses. The increase in general and administrative expenses was primarily related to these expenses, in addition to increased consulting expenses in connection with the development of Waste to Energy projects in the Netherlands.
 
·
Share of profits of equity accounted investee, after elimination of intercompany transactions, was approximately $0.8 million for the three month periods ended March 31, 2017 and 2016.
 
·
Financing expenses, net were approximately $2.1 million for the three months ended March 31, 2017, compared to approximately $2.7 million for the three months ended March 31, 2016. The change in financing expenses was mainly due to approximately $1.7 million expenses in connection with derivatives, partially offset by the change resulting from exchange rate differences in the amount of approximately $1.2 million.
 
·
Taxes on income were approximately $0.1 million for the three months ended March 31, 2017, compared to tax benefit of approximately $0.1 million for the three months ended March 31, 2016.
 
·
Net loss was approximately $1.8 million for the three months ended March 31, 2017, compared to net loss of approximately $2.1 million for the three months ended March 31, 2016.
 
·
Total other comprehensive income was approximately $2 million for the three months ended March 31, 2017, compared to approximately $3.3 million for the three months ended March 31, 2016. The change was mainly due to presentation currency translation adjustments as a result of fluctuations in the Euro/USD exchange rates. Such income is a result of the revaluation in the Euro against the U.S. Dollar of approximately 2% for the three months ended March 31, 2017, compared to approximately 5% for the three months ended March 31, 2016.
 
·
Total comprehensive income was approximately $0.2 million for the three months ended March 31, 2017, compared to total comprehensive income of approximately $1.2 million for the three months ended March 31, 2016.
 
·
EBITDA was approximately $1.6 million for the three months ended March 31, 2017, compared to approximately $1.7 million for the three months ended March 31, 2016.
 

·
Net cash provided by operating activities was approximately $1.6 million for the three months ended March 31, 2017, compared to approximately $0.03 million for the three months ended March 31, 2016. The increase in net cash from operating activities is mainly attributable to higher collection of revenues during the three months ended March 31, 2017, as October 2016 revenues from electricity produced in Italy were collected in January 2017 while October 2015 revenues were collected in December 2015.
 
·
On March 14, 2017, the Company issued Series B Nonconvertible Debentures due June 30, 2024 in a public offering in Israel in the aggregate principal amount of NIS 123,232,000 (approximately $33.7 million based on the U.S. Dollar/NIS exchange rate at that time). The Series B Debentures bear fixed interest at the rate of 3.44% per year and are not linked to the Israeli CPI or otherwise. The gross proceeds of the offering were NIS 123,232,000 and the net proceeds of the offering, net of related expenses such as consultancy fee and commissions (partially paid in 2016), were approximately NIS 121.4 million (approximately $33.6 million).
 
·
In June 2017, the financial closing of the project to construct an anaerobic digestion plan in Oude Tonge, The Netherlands (the “Oude Tonge Project”), occurred, whereby Coöperatieve Rabobank U.A. agreed to provide the following financing tranches: (i) two loans with principal amounts of Euro 3.15 million and Euro 1.7  million, each with a fixed annual interest rate of 3.1% 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 100,000 with variable interest. The Oude Tonge Project executed an engineering, procurement and construction agreement with an affiliate of the entity that holds the remaining 49% of the project company (Ludan Energy Overseas B.V. (“Ludan”)) and is expected to enter into an operation and maintenance agreement with an affiliate of Ludan, both based on terms already agreed to by us and Ludan. It is estimated that the duration of the construction of the Oude Tonge Project shall be approximately one year and the expected overall capital expenditure in connection with the Oude Tonge Project are approximately Euro 8.5 million (approximately $9.3 million).
 
·
In May 2017, the Israeli High Court dismissed the petition filed by Ellomay Pumped Storage (2014) Ltd. (“Ellomay PS”) in March 2017 against the Israeli Minister of National Infrastructures, Energy and Water Resources, the Israeli Electricity Authority and the owner of the Kochav Hayarden pumped storage project (“KH”). In June 2017, the Court accepted an application filed by KH requesting that the Court maintain the NIS 2 million guarantee that was provided by Ellomay PS, due to costs and alleged damages caused to KH and the costs caused of the governmental authorities and ruled that the guarantee will be maintained by the Court for a period of three months pending a filing of a claim for damages by KH. According to the ruling, in case a claim will not filed by KH within the said three months, the guarantee will be returned to Ellomay PS. The dismissal of the petition does not change the Company’s intention to continue promoting the Manara Project and the Company is examining various methods of action in that respect.
 
·
As of June 1, 2017, the Company held approximately $42 million in cash and cash equivalents, approximately $8 in marketable securities and approximately $2.1 million in short-term and long-term restricted cash.
 
Ran Fridrich, CEO and a board member of Ellomay commented: “The quarterly results reflect an increase of approximately 40% in gross profit. The increase in general and administrative expenses is due to costs associated with an increase in the number of projects under advanced development (Talasol – 300MW PV project in Spain, Oude Tonge Waste to Energy project in the Netherlands, Manara pumped Storage project)Financing expenses decreased and include significant exchange rate differentials, in the amount of $1.4, which do not constitute a cash flow expense. Cash flow from operating activities for the quarter was strong, at $1.6 million. The Company continues to develop future projects in Israel and abroad, while increasing its portfolio of yielding assets, which are expected to increase the Company's revenues and profits.”
 
Information for the Company’s Series A and Series B Debenture Holders
 
As of March 31, 2017, the Company’s Net Financial Debt (as such term is defined in the Deeds of Trust of the Company’s Debentures) was approximately $11.7 million (consisting of approximately $26.4 million of short-term and long-term debt from banks and other interest bearing financial obligations and approximately $71.1 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 $62 million of cash and cash equivalents and marketable securities and net of approximately $23.8 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 and with the Tel Aviv Stock Exchange under the trading symbol “ELLO”. 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;
·
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;
·
51% of Groen Gas Goor B.V. and of Groen Gas Oude-Tonge B.V., project companies developing anaerobic digestion plants with a green gas production capacity of approximately 375 Nm3/h, in Goor, the Netherlands and 475 Nm3/h, in Oude Tonge, the Netherlands, respectively.

Ellomay Capital is controlled by Mr. Shlomo Nehama, Mr. Hemi Raphael and Mr. Ran Fridrich. Mr. Nehama is one of Israel’s prominent businessmen and the former Chairman of Israel’s leading bank, Bank Hapohalim, and Messrs. Raphael and Fridrich both have vast experience in financial and industrial businesses. These controlling shareholders, along with Ellomay’s dedicated professional management, accumulated extensive experience in recognizing suitable business opportunities worldwide. Ellomay believes the expertise of Ellomay’s controlling shareholders and management enables the Company to access the capital markets, as well as assemble global institutional investors and other potential partners. As a result, we believe Ellomay is capable of considering significant and complex transactions, beyond its immediate financial resources.


 
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: miria@ellomay.com


 
Ellomay Capital Ltd. and its Subsidiaries

Condensed Consolidated Interim Statements of Financial Position
 
   
March 31,
   
December 31,
 
   
2017
   
2016
 
   
Unaudited
   
Audited
 
   
US$ in thousands
 
Assets
           
Current assets
           
Cash and cash equivalents
   
58,897
     
23,650
 
Marketable securities
   
3,082
     
1,023
 
Restricted cash
   
16
     
16
 
Trade and other receivables
   
9,444
     
9,952
 
     
71,439
     
34,641
 
Non-current assets
               
Investment in equity accounted investee
   
33,016
     
30,788
 
Advances on account of investments
   
944
     
905
 
Financial assets
   
1,413
     
1,330
 
Fixed assets
   
78,609
     
77,066
 
Restricted cash and deposits
   
1,922
     
5,399
 
Deferred tax
   
2,670
     
2,614
 
Long term receivables
   
3,491
     
3,431
 
     
122,065
     
121,533
 
                 
Total assets
   
193,504
     
156,174
 
                 
Liabilities and Equity
               
Current liabilities
               
Current maturities of long term loans
   
1,181
     
1,150
 
Debentures
   
5,380
     
4,989
 
Trade payables
   
2,058
     
1,684
 
Other payables
   
3,769
     
3,279
 
     
12,388
     
11,102
 
Non-current liabilities
               
Finance lease obligations
   
4,210
     
4,228
 
Long-term loans
   
20,277
     
17,837
 
Debentures
   
65,720
     
30,548
 
Deferred tax
   
1,008
     
925
 
Other long-term liabilities
   
911
     
2,764
 
     
92,126
     
56,302
 
Total liabilities
   
104,514
     
67,404
 
                 
Equity
               
Share capital
   
26,597
     
26,597
 
Share premium
   
77,727
     
77,727
 
Treasury shares
   
(1,999
)
   
(1,985
)
Reserves
   
(14,998
)
   
(17,024
)
Retained earnings
   
2,583
     
4,191
 
Total equity attributed to shareholders of the Company
   
89,910
     
89,506
 
Non-Controlling Interest
   
(920
)
   
(736
)
                 
Total equity
   
88,990
     
88,770
 
Total liabilities and equity
   
193,504
     
156,174
 


Ellomay Capital Ltd. and its Subsidiaries

Condensed Consolidated Interim Statements of Profit or Loss and Other Comprehensive Income (Loss)
 
   
For the three
   
For the three
   
For the
 
   
months ended
   
months ended
   
year ended
 
   
March 31,
   
March 31,
   
December 31,
 
   
2017
   
2016
   
2016
 
   
Unaudited
   
Unaudited
   
Audited
 
   
US$ thousands (except per share amounts)
 
Revenues
   
2,688
     
2,546
     
12,872
 
Operating expenses
   
(537
)
   
(608
)
   
(2,305
)
Depreciation expenses
   
(1,169
)
   
(1,221
)
   
(4,884
)
Gross profit
   
982
     
717
     
5,683
 
                         
General and administrative expenses
   
*(1,361
)
   
*(1,084
)
   
(4,679
)
Share of profits of equity accounted investee
   
835
     
845
     
1,505
 
Other income, net
   
5
     
44
     
99
 
Operating Profit
   
461
     
522
     
2,608
 
                         
Financing income
   
93
     
54
     
290
 
Financing income (expenses) in connection with derivatives, net
   
(5
)
   
(1,743
)
   
704
 
Financing expenses
   
(2,216
)
   
(993
)
   
(4,050
)
Financing expenses, net
   
(2,128
)
   
(2,682
)
   
(3,056
)
                         
Loss before taxes on income
   
(1,667
)
   
(2,160
)
   
(448
)
                         
Tax benefit (taxes on income)
   
125
     
53
     
(625
)
                         
Net loss for the period
   
(1,792
)
   
(2,107
)
   
(1,073
)
                         
Loss attributable to:
                       
Owners of the Company
   
(1,608
)
   
(1,988
)
   
(605
)
Non-controlling interests
   
(184
)
   
(119
)
   
(468
)
                         
Net loss for the period
   
(1,792
)
   
(2,107
)
   
(1,073
)
                         
Other comprehensive income (loss)
                       
Items that are or may be reclassified to profit or loss:
                       
Foreign currency translation adjustments
   
(1,111
)
   
(671
)
   
(267
)
Items that would not be reclassified to profit or loss:
                       
Presentation currency translation adjustments
   
3,137
     
3,971
     
(1,542
)
                         
Total other comprehensive income (loss)
   
2,026
     
3,300
     
(1,809
)
                         
Total comprehensive income (loss)
   
234
     
1,193
     
(2,882
)
                         
Basic net loss per share
   
(0.15
)
   
(0.19
)
   
(0.06
)
Diluted net loss per share
   
(0.15
)
   
(0.19
)
   
(0.06
)
 
* Expenses in the amount of approximately $0.6 million in connection with “Manara PSP” were recorded in the general and administrative expenses for the three months ended March 31, 2017, compared to approximately $0.4 million for the three months ended March 31, 2016.


 
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 three months ended
                                                     
March 31, 2017
                                                     
                                                       
Balance as at
                                                     
January 1, 2017
   
26,597
     
77,727
     
4,191
     
(1,985
)
   
547
     
(17,571
)
   
89,506
     
(736
)
   
88,770
 
Loss for the period
   
-
     
-
     
(1,608
)
   
-
     
-
     
-
     
(1,608
)
   
(184
)
   
(1,792
)
Other comprehensive income
   
-
     
-
     
-
     
-
     
(1,111
)
   
3,137
     
2,026
     
-
     
2,026
 
Total comprehensive income
   
-
     
-
     
(1,608
)
   
-
     
(1,111
)
   
3,137
     
418
     
(184
)
   
234
 
Own shares acquired
   
-
     
-
     
-
     
(14
)
   
-
     
-
     
(14
)
   
-
     
(14
)
Balance as at
                                                                       
 March 31, 2017
   
26,597
     
77,727
     
2,583
     
(1,999
)
   
(564
)
   
(14,434
)
   
89,910
     
(920
)
   
88,990
 
 
               
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
                                                     
March 31, 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
   
-
     
-
     
(1,988
)
   
-
     
-
     
-
     
(1,988
)
   
(119
)
   
(2,107
)
Other comprehensive income
   
-
     
-
     
-
     
-
     
(671
)
   
3,971
     
3,300
     
-
     
3,300
 
Total comprehensive income
   
-
     
-
     
(1,988
)
   
-
     
(671
)
   
3,971
     
1,312
     
(119
)
   
1,193
 
Own shares acquired
   
-
     
-
     
-
     
(8
)
   
-
     
-
     
(8
)
   
-
     
(8
)
Dividend distribution
   
-
     
-
     
(2,403
)
   
-
     
-
     
-
     
(2,403
)
   
-
     
(2,403
)
Balance as at
                                                                       
 March 31, 2016
   
26,597
     
77,723
     
2,809
     
(1,980
)
   
143
     
(12,058
)
   
93,234
     
(387
)
   
92,847
 


 
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
             
   
Audited
 
   
US$ in thousands
 
For the year ended
                                                     
December 31, 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 year
   
-
     
-
     
(605
)
   
-
     
-
     
-
     
(605
)
   
(468
)
   
(1,073
)
Other comprehensive loss
   
-
     
-
     
-
     
-
     
(267
)
   
(1,542
)
   
(1,809
)
   
-
     
(1,809
)
Total comprehensive income
   
-
     
-
     
(605
)
   
-
     
(267
)
   
(1,542
)
   
(2,414
)
   
(468
)
   
(2,882
)
Transactions with owners of the Company,  recognized directly in equity:
                                                                       
Dividends to owners
   
-
     
-
     
(2,404
)
   
-
     
-
     
-
     
(2,404
)
   
-
     
(2,404
)
Own shares acquired
   
-
     
-
     
-
     
(13
)
   
-
     
-
     
(13
)
   
-
     
(13
)
Share-based payments
   
-
     
4
     
-
     
-
     
-
     
-
     
4
     
-
     
4
 
Balance as at
                                                                       
 December 31, 2016
   
26,597
     
77,727
     
4,191
     
(1,985
)
   
547
     
(17,571
)
   
89,506
     
(736
)
   
88,770
 
 

 
Ellomay Capital Ltd. and its Subsidiaries

Condensed Consolidated Interim Statements of Cash Flows

   
For the three months ended March 31, 2017
   
For the three months ended March 31, 2016
   
For the year ended December 31, 2016
 
   
Unaudited
   
Unaudited
   
Audited
 
   
US$ in thousands
 
Cash flows from operating activities
                 
Income (loss) for the period
   
(1,792
)
   
(2,107
)
   
(1,073
)
Adjustments for:
                       
Financing expenses, net
   
2,128
     
2,682
     
3,056
 
Depreciation
   
1,169
     
1,221
     
4,884
 
Share-based payment transactions
   
-
     
-
     
4
 
Share of profits of equity accounted investees
   
(835
)
   
(845
)
   
(1,505
)
Payment of interest on loan from an equity accounted investee
   
-
     
-
     
5,134
 
Change in trade receivables and other receivables
   
(34
)
   
51
     
(1,798
)
Change in other assets
   
(75
)
   
(549
)
   
(805
)
Change in accrued severance  pay, net
   
1
     
-
     
(18
)
Change in trade payables
   
349
     
265
     
850
 
Change in other payables
   
664
     
(463
)
   
1,955
 
Income tax expense (tax benefit)
   
125
     
(53
)
   
625
 
Income taxes paid
   
-
     
-
     
(54
)
Interest received
   
93
     
37
     
251
 
Interest paid
   
(160
)
   
(207
)
   
(3,300
)
Net cash provided by operating activities
   
1,633
     
32
     
8,206
 
                         
Cash flows from investing activities
                       
Acquisition of fixed assets
   
(1,458
)
   
-
     
(5,388
)
Investment in equity accounted investee
   
-
     
(36
)
   
(803
)
Settlement of SWAP contract
   
(2,180
)
   
-
     
-
 
Advances on account of investments
   
(39
)
   
-
     
(905
)
Repayment of loan from an equity accounted investee
   
-
     
-
     
2,638
 
Decrease (increase) in restricted cash, net
   
3,501
     
-
     
(31
)
Acquisition of marketable securities
   
(2,085
)
   
-
     
(1,022
)
Proceeds from marketable securities
   
-
     
-
     
6,511
 
Net cash provided by (used in) investing activities
   
(2,261
)
   
(36
)
   
1,000
 
                         
Cash flows from financing activities
                       
Dividends paid
           
-
     
(2,404
)
Repayment of long-term loans and finance lease obligations
   
(88
)
   
(88
)
   
(1,169
)
Repayment of Debentures
   
-
     
-
     
(5,210
)
Proceeds from long-term loans
   
2,081
     
-
     
6,001
 
Repurchase of own shares
   
(14
)
   
(8
)
   
(13
)
Proceeds from issuance of debentures, net
   
33,707
     
-
     
-
 
Net cash provided by (used in) financing activities
   
35,686
     
(96
)
   
(2,795
)
                         
Effect of exchange rate fluctuations on cash and cash equivalents
   
189
     
809
     
(1,478
)
Increase in cash and cash equivalents
   
35,247
     
709
     
4,933
 
Cash and cash equivalents at the beginning of the period
   
23,650
     
18,717
     
18,717
 
Cash and cash equivalents at the end of the period
   
58,897
     
19,426
     
23,650
 


 
Ellomay Capital Ltd. and its Subsidiaries

Reconciliation of Net Loss to EBITDA

   
For the three months ended March 31, 2017
   
For the three months ended March 31, 2016
   
For the year ended December 31, 2016
 
   
Unaudited
 
   
US$ in thousands
 
                   
Net loss for the period
   
(1,792
)
   
(2,107
)
   
(1,073
)
Financing expenses, net
   
2,128
     
2,682
     
3,056
 
Taxes on income (tax benefit)
   
125
     
(53
)
   
625
 
Depreciation and amortization
   
1,169
     
1,221
     
4,884
 
EBITDA
   
1,630
     
1,743
     
7,492