Exhibit 99.1
 

Ellomay Capital Reports Results for the Three and Six Months Ended June 30, 2018

Tel-Aviv, Israel, September 25, 2018 – Ellomay Capital Ltd. (NYSE American; TASE: ELLO) (“Ellomay” or the “Company”), a renewable energy and power generator and developer of renewable energy and power projects in Europe and Israel, today reported its unaudited financial results for the three and six months ended June 30, 2018.
 
Financial Highlights

·
Revenues were approximately €8.2 million for the six months ended June 30, 2018, compared to approximately €6.8 million for the six months ended June 30, 2017. The increase in revenues for the first half of 2018 reflects the commencement of operations at the Company’s two waste-to-energy projects in the Netherlands and the results of the Talmei Yosef project, acquired in October 2017, partially offset by lower revenues in Italy due to relatively lower radiation levels compared to the first half of 2017.
 
·
Operating expenses were approximately €2.6 million for the six months ended June 30, 2018, compared to approximately €0.9 million for the six months ended June 30, 2017. The increase in operating expenses is mainly attributable to additional operating expenses resulting from the commencement of operations at the Company’s two waste-to-energy projects in the Netherlands and from the Talmei Yosef project. Depreciation expenses were approximately €2.8 million for the six months ended June 30, 2018, compared to approximately €2.2 million for the six months ended June 30, 2017.
 
·
Project development costs were approximately €1.8 million for the six months ended June 30, 2018, compared to approximately €1.4 million for the six months ended June 30, 2017. The increase in project development costs is mainly attributable to consultancy expenses in connection with the Talasol Project.
 
·
General and administrative expenses were approximately €2 million for the six months ended June 30, 2018, compared to approximately €1.2 million for the six months ended June 30, 2017. The increase in general and administrative expenses resulted mainly from payment of approximately €0.4 million pursuant to a VAT assessment agreement from previous years in Israel and related expenses and from increased expenses resulting from the commencement of operations of the Company’s two waste-to-energy projects in the Netherlands and from the Talmei Yosef project.
 
·
The Company’s share of profits of equity accounted investee, after elimination of intercompany transactions, was approximately €0.5 million for the six months ended June 30, 2018, compared to a loss of approximately €0.07 million in the six months ended June 30, 2017. The increase in the Company’s share of profit of equity accounted investee is mainly attributable to an increase in sales of electricity by Dorad due to increased production and lower financing expenses incurred by Dorad for the six months ended June 30, 2018 as a result of the CPI indexation of loans from banks and related parties.
 
·
Financing expenses, net was approximately €0.9 million for the six months ended June 30, 2018, compared to approximately €5.8 million for the six months ended June 30, 2017. The decrease in financing expenses was mainly due to: (i) a profit of approximately €0.3 million for the six months ended June 30, 2018 in connection with the reevaluation of derivatives, compared to a loss of approximately €1.6 million for the six months ended June 30, 2017, and (ii) 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 the Company’s 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, compared to expenses in connection with the exchange rate differences amounting to approximately €2.8 million caused by the 1.4% devaluation of the euro against the NIS during the six months ended June 30, 2017.
 
·
Tax benefit was approximately €0.2 million for the six months ended June 30, 2018, compared to taxes on income of approximately €0.6 million for the six months ended June 30, 2017. 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 €1.1 million for the six months ended June 30, 2018, compared to approximately €5.4 million for the six months ended June 30, 2017.
 
·
Total other comprehensive loss was approximately €1 million for the six months ended June 30, 2018, compared to a profit of approximately €0.7 million for the six months ended June 30, 2017. The change was mainly due to changes in fair value of cash flow hedges and from foreign currency translation differences on New Israeli Shekel denominated operations, as a result of fluctuations in the euro/NIS exchange rates.
 
·
Total comprehensive loss was approximately €2.2 million for the six months ended June 30, 2018, compared to approximately €4.7 million for the six months ended June 30, 2017.
 
·
EBITDA was approximately €2.4 million for the six months ended June 30, 2018, compared to approximately €3.2 million for the six months ended June 30, 2017.
 
·
Net cash from operating activities was approximately €2.3 million for the six months ended June 30, 2018, compared to approximately €0.6 million for the six months ended June 30, 2017. The increase in net cash from operating activities is mainly from an interest payment received during 2018 on a loan to an equity accounted investee and from increased cash flow resulting from the commencement of operations of a waste-to-energy project in the Netherlands and Talmei Yosef project.
 
·
In May 2018, the Company entered into a €35.9 million project finance Facility Agreement (the “Facility Agreement”). The Facility Agreement was executed among several of the Company’s Italian subsidiaries (the “Subsidiaries”) and Mediocredito Italiano S.p.A and Intesa Sanpaolo S.p.A. (as account bank). The euro 35.9 million principal amount is divided into: (i) term loan facilities in the aggregate amount of euro 33.7 million with terms ending in May 2028, and (ii) revolving facilities, aimed to cover financial needs for the debt service coverage in case of liquidity shortfall, in the aggregate amount of euro 2.2 million with terms ending in November 2027. The loans provided under the Facility Agreement bear an annual interest rate equal to the Euribor 6 month rate plus a margin of 185 basis points. The Subsidiaries entered into the swap agreements on May 29, 2018 with respect to approximately Euro 25 million (with a decreasing notional principal amount based on the amortization table) until May 2028, replacing the Euribor 6 month rate with a fixed interest rate of 0.71%, resulting in a fixed interest rate of 2.56%. The Subsidiaries partially used the funds borrowed under the Facility Agreement to repay outstanding loans and leasing agreements in the aggregate amount of approximately €13.2 million.
 
·
As of September 1, 2018, the Company held approximately €47.5 million in cash and cash equivalents, approximately €2.2 million in marketable securities and approximately €5.4 million in restricted short-term and long-term cash and marketable securities.
 
Ran Fridrich, CEO and a board member of Ellomay commented: “The results for the first half of 2018 meet our expectations and reflect a strong cash flow from operating activities and an increase in revenues. We expect that the commencement of operations of the projects that are currently in the development stage – Talasol in Spain and the pumped storage project in the Manara Cliff, as well as other projects – will in the future bring about substantial increase in the Ellomay’s revenues and profit.”

Information for the Company’s Series A and Series B Debenture Holders
 
As of June 30, 2018, the Company’s Net Financial Debt (as such term is defined in the Deeds of Trust of the Company’s Debentures) was approximately €17.1 million (consisting of approximately €73.4 million of short-term and long-term debt from banks and other interest bearing financial obligations and approximately €56.4 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 €47.8 million of cash and cash equivalents and marketable securities and net of approximately €64.9 million of project finance and related hedging transactions of the Company’s subsidiaries).

Use of NON-IFRS Financial Measures

EBITDA is a non-IFRS measure and is defined as earnings before financial expenses, net, taxes, depreciation and amortization. The Company presents this measure in order to enhance the understanding of the Company’s historical financial performance and to enable comparability between periods. While the Company considers EBITDA to be an important measure of comparative operating performance, EBITDA should not be considered in isolation or as a substitute for net income or other statement of operations or cash flow data prepared in accordance with IFRS as a measure of profitability or liquidity. EBITDA does not take into account the Company’s commitments, including capital expenditures, and restricted cash and, accordingly, is not necessarily indicative of amounts that may be available for discretionary uses. Not all companies calculate EBITDA in the same manner, and the measure as presented may not be comparable to similarly-titled measures presented by other companies. The Company’s EBITDA may not be indicative of the historic operating results of the Company; nor is it meant to be predictive of potential future results. A reconciliation between results on an IFRS and non-IFRS basis is provided in the last table of this press release.
 


About Ellomay Capital Ltd.
 
Ellomay is an Israeli based company whose shares are registered with the NYSE American and with the Tel Aviv Stock Exchange under the trading symbol “ELLO”. Since 2009, Ellomay Capital focuses its business in the renewable energy and power sectors in Europe and Israel.
 
To date, Ellomay has evaluated numerous opportunities and invested significant funds in the renewable, clean energy and natural resources industries in Israel, Italy and Spain, including:
 
·
Approximately 22.6MW of photovoltaic power plants in Italy, approximately 7.9MW of photovoltaic power plants in Spain and a photovoltaic power plant of approximately 9 MW in Israel;
·
9.375% indirect interest in Dorad Energy Ltd., which owns and operates one of Israel’s largest private power plants with production capacity of approximately 850 MW, representing about 6%-8% of Israel’s total current electricity consumption;
·
75% of Chashgal Elyon Ltd., Agira Sheuva Electra, L.P. and Ellomay Pumped Storage (2014) Ltd., all of which are involved in a project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel;
·
51% of Groen Gas Goor B.V. and of Groen Gas Oude-Tonge B.V., project companies developing anaerobic digestion plants with a green gas production capacity of approximately 375 Nm3/h, in Goor, the Netherlands and 475 Nm3/h, in Oude Tonge, the Netherlands, respectively.

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

This press release contains forward-looking statements that involve substantial risks and uncertainties, including statements that are based on the current expectations and assumptions of the Company’s management. All statements, other than statements of historical facts, included in this press release regarding the Company’s plans and objectives, expectations and assumptions of management are forward-looking statements.  The use of certain words, including the words “estimate,” “project,” “intend,” “expect,” “believe” and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  The Company may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on the Company’s forward-looking statements. Various important factors could cause actual results or events to differ materially from those that may be expressed or implied by the Company’s forward-looking statements, including weather conditions, regulatory changes, changes in the supply and prices of resources required for the operation of 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.

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


 
Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Statements of Financial Position

 
         
December 31,
   
June 30,
   
June 30,
 
         
2017
   
2018
   
2018
 
         
Audited
   
Unaudited
   
Unaudited
 
   
Note
   
€ in thousands
   
Convenience Translation into US$ in thousands
 
Assets
                       
Current assets
                       
Cash and cash equivalents
         
23,962
     
45,610
     
53,171
 
Marketable securities
         
2,162
     
2,238
     
2,609
 
Restricted cash and marketable securities
         
3,265
     
3,346
     
3,901
 
Receivable from concession project
         
1,286
     
1,263
     
1,472
 
Financial assets
         
1,249
     
1,293
     
1,507
 
Trade and other receivables
   5      
10,645
     
10,653
     
12,419
 
             
42,569
     
64,403
     
75,079
 
Non-current assets
                               
Investment in equity accounted investee
  6      
27,655
     
26,780
     
31,220
 
Advances on account of investments
  6      
8,825
     
8,805
     
10,265
 
Receivable from concession project
           
27,725
     
26,685
     
31,109
 
Fixed assets
           
78,837
     
79,374
     
92,533
 
Intangible asset
           
5,505
     
5,077
     
5,919
 
Restricted cash and deposits
           
3,660
     
2,005
     
2,337
 
Deferred tax
           
1,777
     
2,314
     
2,698
 
Long term receivables
 
5
     
1,535
     
1,305
     
1,521
 
             
155,519
     
152,345
     
177,602
 
Total assets
           
198,088
     
216,748
     
252,681
 
                                 
Liabilities and Equity
                               
Current liabilities
                               
Current maturities of long term loans
           
3,103
     
5,196
     
6,057
 
Debentures
           
4,644
     
4,541
     
5,294
 
Trade payables
           
1,349
     
1,677
     
1,955
 
Other payables
           
2,187
     
2,964
     
3,455
 
             
11,283
     
14,378
     
16,761
 
Non-current liabilities
                               
Finance lease obligations
           
3,690
     
-
     
-
 
Long-term loans
           
42,091
     
63,676
     
74,232
 
Debentures
           
52,987
     
51,814
     
60,404
 
Deferred tax
           
5,982
     
6,022
     
7,020
 
Other long-term liabilities
           
4,555
     
5,535
     
6,453
 
             
109,305
     
127,047
     
148,109
 
Total liabilities
           
120,588
     
141,425
     
164,870
 
                                 
Equity
                               
Share capital
           
19,980
     
19,980
     
23,292
 
Share premium
           
58,339
     
58,341
     
68,013
 
Treasury shares
           
(1,736
)
   
(1,736
)
   
(2,024
)
Reserves
           
2,357
     
1,289
     
1,503
 
Accumulated deficit
           
(299
)
   
(1,197
)
   
(1,395
)
Total equity attributed to shareholders of the Company
           
78,641
     
76,677
     
89,389
 
Non-Controlling Interest
           
(1,141
)
   
(1,354
)
   
(1,578
)
Total equity
           
77,500
     
75,323
     
87,811
 
Total liabilities and equity
           
198,088
     
216,748
     
252,681
 

* Convenience translation into US$ (exchange rate as at June 30, 2018: euro 1 = US$ 1.166)


 
Ellomay Capital Ltd. and its Subsidiaries

Condensed Consolidated Statements of Comprehensive Income (in thousands, except per share data)

   
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,
 
   
2017
   
2017
   
2018
   
2017
   
2018
   
2018
 
   
Audited
   
Unaudited
   
Unaudited
   
Unaudited
 
   
€ in thousands
   
€ in thousands
   
€ in thousands
   
Convenience Translation into US$*
 
Revenues
   
13,636
     
4,245
     
5,119
     
6,768
     
8,151
     
9,502
 
Operating expenses
   
(2,549
)
   
(359
)
   
(1,710
)
   
(863
)
   
(2,610
)
   
(3,043
)
Depreciation expenses
   
(4.518
)
   
(1,101
)
   
(1,409
)
   
(2,198
)
   
(2,767
)
   
(3,226
)
Gross profit
   
6,569
     
2,785
     
2,000
     
3,707
     
2,774
     
3,233
 
                                                 
Project development costs
   
**(2,739)
   
**(762)
   
(975
)
   
**(1,431)
   
(1,771
)
   
(2,065
)
General and administrative expenses
   
**(2,420)
   
**(620)
   
(792
)
   
**(1,210)
   
(1,977
)
   
(2,305
)
Share of profits of equity accounted investee
   
1,531
     
(857
)
   
(662
)
   
(73
)
   
501
     
584
 
Other income, net
   
18
     
4
     
69
     
9
     
73
     
85
 
Operating profit (loss)
   
2,959
     
550
     
(360
)
   
1,002
     
(400
)
   
(468
)
                                                 
Financing income
   
1,333
     
203
     
475
     
291
     
1,588
     
1,851
 
Financing expenses in connection with derivatives and other assets, net
   
(3,156
)
   
(1,590
)
   
737
     
(1,590
)
   
285
     
332
 
Financing expenses
   
(7,405
)
   
(2,360
)
   
(1,769
)
   
(4,463
)
   
(2,789
)
   
(3,251
)
Financing expenses, net
   
(9,228
)
   
(3,747
)
   
(557
)
   
(5,762
)
   
(916
)
   
(1,068
)
Loss before taxes on income
   
(6,269
)
   
(3,197
)
   
(917
)
   
(4,760
)
   
(1,316
)
   
(1,536
)
Taxes on income
   
(372
)
   
(533
)
   
193
     
(649
)
   
182
     
212
 
Loss for the period
   
(6,641
)
   
(3,730
)
   
(724
)
   
(5,409
)
   
(1,134
)
   
(1,324
)
Loss attributable to:
                                               
Owners of the Company
   
(6,115
)
   
(3,615
)
   
(642
)
   
(5,166
)
   
(898
)
   
(1,048
)
Non-controlling interests
   
(526
)
   
(115
)
   
(82
)
   
(243
)
   
(236
)
   
(276
)
Loss for the period
   
(6,641
)
   
(3,730
)
   
(724
)
   
(5,409
)
   
(1,134
)
   
(1,324
)
Other comprehensive income (loss) items that after
                                               
initial recognition in comprehensive income (loss)
                                               
were or will be transferred to profit or loss:
                                               
Foreign currency translation differences for foreign operations
   
(359
)
   
(456
)
   
499
     
214
     
(799
)
   
(931
)
                                                 
Effective portion of change in fair value of cash flow hedges
   
(1,244
)
   
(126
)
   
202
     
(126
)
   
(724
)
   
(844
)
Net change in fair value of cash flow hedges transferred to
profit or loss
   
1,382
     
618
     
(277
)
   
618
     
478
     
557
 
Total other comprehensive income (loss)
   
(221
)
   
36
     
424
     
706
     
(1,045
)
   
(1,218
)
Total comprehensive loss for the period
   
(6,862
)
   
(3,694
)
   
(301
)
   
(4,703
)
   
(2,179
)
   
(2,542
)
                                                 
Basic net loss per share
   
(0.57
)
   
(0.31
)
   
(0.06
)
   
(0.49
)
   
(0.08
)
   
(0.1
)
Diluted net loss per share
   
(0.57
)
   
(0.31
)
   
(0.06
)
   
(0.49
)
   
(0.08
)
   
(0.1
)
 
* Convenience translation into US$ (exchange rate as at June 30, 2018: euro 1 = US$ 1.166)

** The Company changed the income statement classification of expenses related to project development from general and administrative expenses to project development costs to reflect more appropriately their nature and the way in which economic benefits are expected to be derived from the use of such costs. Comparative amounts were reclassified for consistency.


 
Ellomay Capital Ltd. and its Subsidiaries

Condensed Consolidated Statements of Changes in Equity (in thousands)
 
               
Non- controlling
   
Total
 
         
Attributable to shareholders of the Company
   
Interests
   
Equity
 
                           
Translation
                         
   
Share
   
Share
   
Retained earnings (accumulated
   
Treasury
   
reserve
from
foreign
    Hedging                    
   
capital
   
premium
   
deficit)
   
shares
   
Operations
   
Reserve
   
Total
             
   
in thousands
 
For the six month ended June 30,
   
2018 (unaudited):
                                                     
January 1, 2018
   
19,980
     
58,339
     
(299
)
   
(1,736
)
   
2,219
     
138
     
78,641
     
(1,141
)
   
77,500
 
Loss for the year
   
-
     
-
     
(898
)
   
-
     
-
     
-
     
(898
)
   
(236
)
   
(1,134
)
Other comprehensive loss for the year
   
-
     
-
     
-
     
-
     
(822
)
   
(246
)
   
(1,068
)
   
23
     
(1,045
)
Total comprehensive loss for the year
   
-
     
-
     
(898
)
   
-
     
(822
)
   
(246
)
   
(1,966
)
   
(213
)
   
(2,179
)
Transactions with owners of the Company,  recognized directly in equity:
                                                                       
Share-based payments
   
-
     
2
     
-
     
-
     
-
     
-
     
2
     
-
     
2
 
Balance as at
                                                                       
 June 30, 2018
   
19,980
     
58,341
     
(1,197
)
   
(1,736
)
   
1,397
     
(108
)
   
76,677
     
(1,354
)
   
75,323
 

               
Non- controlling
   
Total
 
         
Attributable to shareholders of the Company
   
Interests
   
Equity
 
                           
Translation
                         
   
Share
   
Share
   
Retained earnings (accumulated
   
Treasury
   
reserve
from
foreign
    Hedging                    
   
capital
   
premium
   
deficit)
   
shares
   
Operations
   
Reserve
   
Total
             
   
US$ in thousands*
 
For the six month ended June 30,
   
2018 (unaudited):
                                                     
January 1, 2018
   
23,292
     
68,010
     
(347
)
   
(2,024
)
   
2,587
     
161
     
91,679
     
(1,329
)
   
90,350
 
Loss for the year
   
-
     
-
     
(1,048
)
   
-
     
-
     
-
     
(1,048
)
   
(276
)
   
(1,324
)
Other comprehensive loss for the year
   
-
     
-
     
-
     
-
     
(958
)
   
(287
)
   
(1,245
)
   
27
     
(1,218
)
Total comprehensive loss for the year
   
-
     
-
     
(1,048
)
   
-
     
(958
)
   
(287
)
   
(2,293
)
   
(249
)
   
(2,542
)
Transactions with owners of the Company,  recognized directly in equity:
                                                                       
Share-based payments
   
-
     
3
     
-
     
-
     
-
     
-
     
3
     
-
     
3
 
Balance as at
                                                                       
 June 30, 2018
   
23,292
     
68,013
     
(1,395
)
   
(2,024
)
   
1,629
     
(126
)
   
89,389
     
(1,578
)
   
87,811
 




 
Ellomay Capital Ltd. and its Subsidiaries

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

               
Non- controlling
   
Total
 
         
Attributable to shareholders of the Company
   
Interests
   
Equity
 
                           
Translation
                         
   
Share
   
Share
   
Retained earnings (accumulated
   
Treasury
   
reserve
from
foreign
   
Hedging
                   
   
capital
   
premium
   
deficit)
   
shares
   
Operations
   
Reserve
   
Total
             
 
in thousands
 
For the year ended
                                                     
December 31, 2017 (audited):
                                                     
Balance as at
                                                     
January 1, 2017
   
19,980
     
58,334
     
5,816
     
(1,722
)
   
2,664
     
-
     
85,072
     
(701
)
   
84,371
 
Loss for the year
   
-
     
-
     
(6,115
)
   
-
     
-
     
-
     
(6,115
)
   
(526
)
   
(6,641
)
Other comprehensive loss for the year
   
-
     
-
     
-
     
-
     
(445
)
   
138
     
(307
)
   
86
     
(221
)
Total comprehensive loss for the year
   
-
     
-
     
(6,115
)
   
-
     
(445
)
   
138
     
(6,422
)
   
(440
)
   
(6,862
)
Transactions with owners of the Company,  recognized directly in equity:
                                                                       
Own shares acquired
   
-
     
-
     
-
     
(14
)
   
-
     
-
     
(14
)
   
-
     
(14
)
Share-based payments
   
-
     
5
     
-
     
-
     
-
     
-
     
5
     
-
     
5
 
Balance as at
                                                                       
December 31, 2017
   
19,980
     
58,339
     
(299
)
   
(1,736
)
   
2,219
     
138
     
78,641
     
(1,141
)
   
77,500
 

               
Non- controlling
   
Total
 
         
Attributable to shareholders of the Company
   
Interests
   
Equity
 
                           
Translation
                         
   
Share
   
Share
   
Retained earnings (accumulated
   
Treasury
   
reserve
from
foreign
   
Hedging
                   
   
capital
   
premium
   
deficit)
   
shares
   
Operations
   
Reserve
   
Total
             
 
in thousands
 
For the six month ended June 30,
                                                     
2017 (unaudited):
                                                     
Balance as at
                                                     
January 1, 2017
   
19,980
     
58,334
     
5,816
     
(1,722
)
   
2,664
     
-
     
85,072
     
(701
)
   
84,371
 
Loss for the period
   
-
     
-
     
(5,166
)
   
-
     
-
     
-
     
(5,166
)
   
(243
)
   
(5,409
)
Other comprehensive loss for the period
   
-
     
-
     
-
     
-
     
222
     
492
     
714
     
(8
)
   
706
 
Total comprehensive loss for the period
   
-
     
-
     
(5,166
)
   
-
     
222
     
492
     
(4,452
)
   
(251
)
   
(4,703
)
Transactions with owners of the Company,  recognized directly in equity:
                                                                       
Share-based payments
   
-
     
2
     
-
     
-
     
-
     
-
     
2
     
-
     
2
 
Own shares acquired
   
-
     
-
     
-
     
(14
)
   
-
     
-
     
(14
)
   
-
     
(14
)
Balance as at
                                                                       
 June 30, 2017
   
19,980
     
58,336
     
650
     
(1,736
)
   
2,886
     
492
     
80,608
     
(952
)
   
79,656
 



Ellomay Capital Ltd. and its Subsidiaries

Condensed Consolidated Interim Statements of Cash Flow (in thousands)

 
   
For the year ended December 31, 2017
   
For the three months ended June 30, 2017
   
For the three months ended June 30, 2018
   
For the six months ended June 30, 2017
   
For the six months ended June 30, 2018
   
For the six months ended June 30, 2018
 
   
Audited
   
Unaudited
   
Unaudited
   
Unaudited
   
Unaudited
   
Unaudited
 
   
€ in thousands
   
Convenience Translation into US$*
 
Cash flows from operating activities
                                   
Loss for the period
   
(6,641
)
   
(3,730
)
   
(725
)
   
(5,409
)
   
(1,134
)
   
(1,324
)
Adjustments for:
                                               
Financing expenses, net
   
9,228
     
3,747
     
557
     
5,762
     
916
     
1,068
 
Depreciation
   
4,518
     
1,101
     
1,409
     
2,198
     
2,767
     
3,226
 
Share-based payment transactions
   
5
     
2
     
1
     
2
     
2
     
3
 
Share of profits of equity accounted investees
   
(1,531
)
   
857
     
662
     
73
     
(501
)
   
(584
)
Payment of interest on loan from an equity accounted investee
   
407
     
-
     
-
     
-
     
1,176
     
1,371
 
Change in trade receivables and other receivables
   
2,012
     
377
     
(525
)
   
299
     
156
     
182
 
Change in other assets
   
126
     
440
     
(536
)
   
804
     
135
     
157
 
Change in receivables from concessions project
   
(84
)
   
-
     
372
     
-
     
622
     
725
 
Change in accrued severance pay, net
   
2
     
-
     
17
     
1
     
17
     
20
 
Change in trade payables
   
(258
)
   
(542
)
   
(21
)
   
(215
)
   
328
     
382
 
Change in other payables
   
(2,655
)
   
(2,748
)
   
113
     
(2,282
)
   
(310
)
   
(361
)
Taxes on income
   
372
     
533
     
(193
)
   
649
     
(182
)
   
(212
)
Income taxes paid
   
(42
)
   
-
     
(15
)
   
-
     
(16
)
   
(19
)
Interest received
   
505
     
137
     
493
     
225
     
888
     
1,035
 
Interest paid
   
(3,659
)
   
(1,359
)
   
(2,215
)
   
(1,514
)
   
(2,597
)
   
(3,028
)
Net cash provided by operating activities
   
2,305
     
(1,185
)
   
606
     
593
     
2,267
     
2,641
 
                                                 
Cash flows from investing activities
                                               
Acquisition of fixed assets
   
(7,576
)
   
(2,752
)
   
(1,494
)
   
(4,116
)
   
(2,606
)
   
(3,038
)
Acquisition of subsidiary, net of cash acquired
   
(9,851
)
   
-
     
-
     
-
     
-
     
-
 
Advances on account of investments
   
(8,000
)
   
(8,942
)
   
-
     
(8,978
)
   
-
     
-
 
Repayment of loan to an equity accounted investee
   
-
     
-
     
-
     
-
     
490
     
571
 
Acquisition of marketable securities
   
(6,677
)
   
(4,711
)
   
-
     
(6,677
)
   
-
     
-
 
Proceeds from marketable securities
   
1,277
     
-
     
-
     
-
     
-
     
-
 
Decrease in restricted cash, net
   
3,225
     
(103
)
   
1,525
     
3,226
     
1,604
     
1,870
 
Proceeds of Forward contract
   
-
     
-
     
407
     
-
     
407
     
474
 
Settlement of derivatives, net
   
620
     
-
     
(199
)
   
(2,027
)
   
(184
)
   
(215
)
Loans to others
   
(361
)
   
(361
)
   
-
     
(361
)
   
-
     
-
 
Net cash used in investing activities
   
(27,343
)
   
(16,869
)
   
239
     
(18,933
)
   
(289
)
   
(338
)
                                                 
Cash flows from financing activities
                                               
Repayment of long-term loans and finance lease obligations
   
(2,224
)
   
(664
)
   
(14,550
)
   
(746
)
   
(14,727
)
   
(17,168
)
Proceeds from issuance of debentures, net
   
31,175
     
-
     
-
     
31,175
     
-
     
-
 
Repayment of Debentures
   
(4,842
)
   
-
     
-
     
-
     
-
     
-
 
Proceeds from long-term loans
   
5,575
     
3,450
     
34,461
     
5,419
     
34,501
     
40,221
 
Repurchase of own shares
   
(14
)
   
(1
)
   
-
     
(14
)
   
-
     
-
 
Net cash provided by (used in) financing activities
   
29,670
     
2,785
     
19,911
     
35,834
     
19,774
     
23,053
 
                                                 
Effect of exchange rate fluctuations on cash and cash equivalents
   
(3,156
)
   
(1,689
)
   
97
     
(1,836
)
   
(104
)
   
(119
)
Increase in cash and cash equivalents
   
1,476
     
(16,958
)
   
19,641
     
15,658
     
21,648
     
25,237
 
Cash and cash equivalents at the beginning of the period
   
22,486
     
55,102
     
25,969
     
22,486
     
23,962
     
27,934
 
Cash and cash equivalents at the end of the period
   
23,962
     
38,144
     
45,610
     
38,144
     
45,610
     
53,171
 
 
* Convenience translation into US$ (exchange rate as at June 30, 2018: euro 1 = US$ 1.166)
 

 
Ellomay Capital Ltd. and its Subsidiaries

Reconciliation of Loss to EBITDA (in thousands)

   
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,
 
   
2017
   
2017
   
2018
   
2017
   
2018
   
2018
 
   
Unaudited
 
   
in thousands
   
Convenience Translation into US$*
 
Net loss for the period
   
(6,641
)
   
(3,730
)
   
(725
)
   
(5,409
)
   
(1,134
)
   
(1,324
)
Financing expenses, net
   
9,228
     
3,747
     
557
     
5,762
     
916
     
1,068
 
Taxes on income
   
372
     
533
     
(193
)
   
649
     
(182
)
   
(212
)
Depreciation
   
4,518
     
1,101
     
1,409
     
2,198
     
2,767
     
3,226
 
EBITDA
   
7,477
     
1,651
     
1,048
     
(3,200
)
   
2,367
     
2,758
 

* Convenience translation into US$ (exchange rate as at June 30, 2018: euro 1 = US$ 1.166)