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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ellomay Capital Ltd | AMEX:ELLO | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.47 | 3.29% | 14.77 | 14.91 | 14.58 | 14.60 | 5,244 | 21:07:32 |
Exhibit 99.1 |
Ellomay Capital Ltd.
|
|
By: /s/ Ran Fridrich
|
|
Ran Fridrich
|
|
Chief Executive Officer and Director
|
• |
Total assets as of September 30, 2023 amounted to approximately €612.3 million, compared to total assets as of December 31, 2022 of approximately €576.2 million.
|
• |
Revenues for the three months ended September 30, 2023 were approximately €15.6 million, compared to approximately €15.5 for the three months ended September 30,
2022. Revenues for the nine months ended September 30, 2023 were approximately €41.1 million, compared to approximately €44.7 million for the nine months ended September 30, 2022.
|
• |
Profit for the three months ended September 30, 2023 was approximately €5.9 million, compared to a loss of approximately €1.7 million for the three months ended
September 30, 2022. Profit for the nine months ended September 30, 2023 was approximately €10.4 million, compared to a loss of approximately €2.3 million for the nine months ended September 30, 2022.
|
• |
EBITDA for the three months ended September 30, 2023 was approximately €11.6 million, compared to approximately €8.6 million for the three months ended September
30, 2022. EBITDA for the nine months ended September 30, 2023 was approximately €21.5 million, compared to approximately €19.2 million for the nine months ended September 30, 2022. See below under “Use of Non-IFRS Financial Measures” for
additional disclosure concerning EBITDA.
|
• |
Revenues were approximately €41.1 million for the nine months ended September 30, 2023, compared to approximately €44.7 million for the nine months ended September 30, 2022. This decrease mainly results from the decrease in electricity
prices in Spain and from a curtailment of the electricity supply from the Company’s facilities to the grid during June 2023 due to maintenance and upgrade work on the main transmission line between Spain and Portugal, which caused a
decrease in revenues of approximately €1 million. The Company subsequently implemented a solution aimed at minimizing the impact of future similar curtailments. The decrease in revenues was partially offset by an increase in revenues from
the Company’s biogas plants in the Netherlands, resulting mainly from increased production and an increase in the 2023 gas price, and from the connection to the grid of Ellomay Solar (a 28 MW photovoltaic plant in Spain) during June 2022,
upon which the Company commenced recognition of revenues.
|
• |
Operating expenses were approximately €17.7 million for the nine months ended September 30, 2023, compared to approximately €18.4 million for the nine months ended September 30, 2022. This decrease mainly results from a decrease in
payments under the Spanish RDL 17/2022, caused by a reduction in the electricity market price. RDL 17/2022 established the reduction of returns on the electricity generating activity of Spanish production facilities that do not emit
greenhouse gases, accomplished through payments of a portion of the revenues by the production facilities to the Spanish government. As a result of the decrease in the electricity market price in Spain during the nine months ended September
30, 2023, the payments under RDL 17/2022 were lower during this period compared to the same period last year. This decrease in operating expenses was partially offset by increased operating expenses in connection with the Company’s biogas
operations in the Netherlands caused by the use of higher quality raw materials due to lower availability of cheaper raw materials, and from the connection to the grid of Ellomay Solar during June 2022, upon which the Company commenced
recognition of expenses. Depreciation expenses were approximately €12 million for the nine months ended September 30, 2023, compared to approximately €11.9 million for the nine months ended September 30, 2022.
|
• |
Project development costs were approximately €2.4 million for the nine months ended September 30, 2023, compared to approximately €2.7 million for the nine months ended September 30, 2022. The decrease in project development costs is
mainly due to projects in the United States and Italy that reached “ready to build” status, which results in the commencement of the capitalization of expenses related to such projects into fixed assets.
|
• |
General and administrative expenses were approximately €4.1 million for the nine months ended September 30, 2023, compared to approximately €5 million for the nine months ended September 30, 2022. The decrease in general and
administrative expenses is mostly due to a decrease in D&O liability insurance costs and to bonuses paid to employees in 2022.
|
• |
Share of profits of equity accounted investee, after elimination of intercompany transactions, was approximately €4.6 million for the nine months ended September 30, 2023, compared to approximately €0.6 million for the nine months ended
September 30, 2022. The increase in share of profits of equity accounted investee was mainly due to the increase in revenues of Dorad Energy Ltd. (“Dorad”) due to higher quantities produced and a
higher electricity tariff in Israel, partially offset by an increase in operating expenses in connection with the increased production and higher tariff.
|
• |
Financing income, net was approximately €0.6 million for the nine months ended September 30, 2023, compared to financing expenses, net of approximately €7.7 million for the nine months ended September 30, 2022. The change was mainly
attributable to income resulting from exchange rate differences amounting to approximately €8 million in the nine months ended September 30, 2023, mainly in connection with the New Israeli Shekel (“NIS”)
cash and cash equivalents and the Company’s NIS denominated debentures, compared to expenses in the amount of approximately €1 million for the nine months ended September 30, 2022, caused by the 8% appreciation of the euro against the NIS
during the nine months ended September 30, 2023, compared to the 1% devaluation of the euro against the NIS during the nine months ended September 30, 2022.
|
• |
Tax benefit was approximately €0.5 million for the nine months ended September 30, 2023, compared to taxes on income of approximately €2 million for the nine months ended September 30, 2022.
|
• |
Profit for the nine months ended September 30, 2023 was approximately €10.4 million, compared to a loss of approximately €2.3 million for the nine months ended September 30, 2022.
|
• |
Total other comprehensive income was approximately €31.6 million for the nine months ended September 30, 2023, compared to total other comprehensive loss of approximately €61.8 million for the nine months ended September 30, 2022. The
change mainly resulted from changes in fair value of cash flow hedges, including a material increase in the fair value of the financial power swap (the “Talasol PPA”)
that covers approximately 80% of the output of the Talasol PV Plant compared to the same period last year. The Talasol PPA experienced a high volatility due to the significant changes in electricity prices in Europe that included a
substantial increase in prices during 2021 and 2022 and a substantial decrease in prices during 2023. In accordance with hedge accounting standards, the changes in the Talasol PPA’s fair value are recorded in the Company’s shareholders’
equity through a hedging reserve and not through the accumulated deficit/retained earnings. The changes do not impact the Company’s consolidated net profit/loss or the Company’s consolidated cash flows. As the Company controls Talasol, the
total impact of the changes in fair value of the Talasol PPA (including the minority share) is consolidated into the Company’s financial statements and total equity.
|
• |
Total comprehensive income was approximately €42 million for the nine months ended September 30, 2023, compared to total comprehensive loss of approximately €64.1 million for the nine months ended September 30, 2022.
|
• |
Net cash provided by operating activities was approximately €16.8 million for the nine months ended September 30, 2023, compared to approximately €14 million for the nine months ended September 30, 2022. The increase in net cash provided
by operating activities for the nine months ended September 30, 2023, is mainly due to payment of interest from Dorad and to the 8% appreciation of the euro against the NIS during the nine months ended September 30, 2023 that impacted our
NIS-denominated cash and cash equivalents.
|
• |
On October 7, 2023, the “Iron Swards” war broke out in Israel following an attack in Southern Israel by Hamas. The war and hostilities, including missile attacks,
mainly on southern and northern Israel, have continued since then. The substantial majority of the Company’s operating facilities, which serve as the Company’s main sources of liquidity, are located outside of Israel, in Spain and the
Netherlands. The substantial majority of the projects under development of the Company are also located outside of Israel, in Italy, the US and Spain. These facilities and projects were not impacted by the war and hostilities in Israel.
The Company’s headquarters are located in Tel Aviv, which is in central Israel, and the Company’s headquarter work continued uninterrupted throughout the war and hostilities.
The Company has three assets
that are currently operating or under construction in Israel: (i) the Talmei Yosef PV Facility (100% owned by the Company, in southern Israel), (ii) the Pumped Storage Project in the Manara Cliff (83.34% owned by the Company, in
northern Israel), and (iii) the Dorad power plant (9.375% owned by the Company, in southern Israel). As previously published by the Company, the construction works on the Manara site stopped in early October 2023 and the contractor is
using this period in which construction is halted to continue the planning work and advancing the project. The Company expects to receive compensation for the delays through the fees that will be paid for the electricity and
availability after the project becomes operational and through direct compensation for damages. The Talmei Yosef facility and the Dorad power plant have not been materially impacted by the war and are currently fully operational. The continuation or future escalation of the war and hostilities in southern and northern Israel, including potential direct damage due
to missile attacks, temporary or permanents cessation of operations and potential inability to access the sites, could materially adversely impact the Company’s Israeli operations and projects under development and the Company’s
results of operations.
|
- |
Construction of New Projects: solar projects in the USA (land preparation works are complete), solar projects in Italy, and a pumped hydro storage project in the Manara Cliff in Israel.
|
- |
Initiating and Developing of New Projects: solar projects in Italy, Spain, USA and Israel.
|
- |
Management, Operation and Improvement of Generating Projects: in Israel (solar), Spain (solar) and the Netherlands (bio-gas).
|
1. |
The Komemiyut Project: intended for 21 solar MW and 47 MW / hour batteries. The project has an approval for connection to the grid and is in the process of receiving a building permit. Commencement
of construction is planned for the first quarter of 2024.
|
2. |
The Qelahim Project: intended for 15 solar MW and 33 MW / hour batteries. The project has an approval for connection to the grid, and is in the final stages of the zoning approval.
|
3. |
The Talmei Yosef Project: an expansion of the existing project to 104 dunams, intended for 10 solar MW and 22 MW / hour batteries. The request for zoning approval was approved in the fourth quarter
of 2023.
|
4. |
The Talmei Yosef Storage Project in Batteries: there is a zoning approval for 30 dunam, intended for approximately 400 MW / hour. The project is designed for the regulation of high voltage storage.
|
5. |
In addition, the Company has approximately 46 solar MW under preliminary planning stages.
|
• |
Approximately 35.9 MW of photovoltaic power plants in Spain and a photovoltaic power plant of approximately 9 MW in Israel;
|
• |
9.375% indirect interest in Dorad Energy Ltd., which owns and operates one of Israel’s largest private power plants with production capacity of approximately 850MW, representing about 6%-8% of Israel’s total current electricity
consumption;
|
• |
51% of Talasol, which owns a photovoltaic plant with a peak capacity of 300MW in the municipality of Talaván, Cáceres, Spain;
|
• |
Groen Gas Goor B.V., Groen Gas Oude-Tonge B.V. and Groen Gas Gelderland B.V., project companies operating anaerobic digestion plants in the Netherlands, with a green gas production capacity of approximately 3 million, 3.8 million and 9.5
million Nm3 per year, respectively;
|
• |
83.333% of Ellomay Pumped Storage (2014) Ltd., which is involved in a project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel;
|
• |
Ellomay Solar Italy One SRL and Ellomay Solar Italy Two SRL that are constructing photovoltaic plants with installed capacity of 14.8 MW and 4.95 MW, respectively, in the Lazio Region, Italy;
|
• |
Ellomay Solar Italy Four SRL, Ellomay Solar Italy Five SRL, Ellomay Solar Italy Seven SRL, Ellomay Solar Italy Nine SRL and Ellomay Solar Italy Ten SRL that are developing photovoltaic projects with installed capacity of 15.06 MW, 87.2
MW, 54.77 MW, 8 MW and 18 MW, respectively, in Italy that have reached “ready to build” status; and
|
• |
Fairfield Solar Project, LLC, Malakoff Solar I, LLC, Malakoff Solar II, LLC, Mexia I Solar, LLC, Mexia II Solar, LLC, and Talco Solar, LLC, that are developing photovoltaic projects with installed capacity of 13 MW, 6.5 MW, 6.5 MW, 4 MW,
4 MW and 7.5 MW respectively, in the Dallas Metropolitan area, Texas, and have reached “ready to build” status.
|
September 30,
|
December 31,
|
September 30,
|
||||||||||
2023
|
2022
|
2023
|
||||||||||
€ in thousands
|
Convenience Translation into US$ in thousands*
|
|||||||||||
Assets
|
||||||||||||
Current assets:
|
||||||||||||
Cash and cash equivalents
|
62,099
|
46,458
|
65,819
|
|||||||||
Marketable securities
|
-
|
2,836
|
-
|
|||||||||
Short term deposits
|
999
|
-
|
1,059
|
|||||||||
Restricted cash
|
810
|
900
|
859
|
|||||||||
Receivable from concession project
|
1,739
|
1,799
|
1,843
|
|||||||||
Intangible asset from green certificates
|
1,457
|
585
|
1,544
|
|||||||||
Trade and other receivables
|
12,230
|
12,097
|
12,963
|
|||||||||
79,334
|
64,675
|
84,087
|
||||||||||
Non-current assets
|
||||||||||||
Investment in equity accounted investee
|
32,098
|
30,029
|
34,021
|
|||||||||
Advances on account of investments
|
1,195
|
2,328
|
1,267
|
|||||||||
Receivable from concession project
|
21,702
|
24,795
|
23,002
|
|||||||||
Fixed assets
|
400,751
|
365,756
|
424,760
|
|||||||||
Right-of-use asset
|
32,521
|
30,020
|
34,469
|
|||||||||
Intangible asset
|
3,532
|
4,094
|
3,744
|
|||||||||
Restricted cash and deposits
|
18,974
|
20,192
|
20,111
|
|||||||||
Deferred tax
|
11,230
|
23,510
|
11,903
|
|||||||||
Long term receivables
|
9,763
|
9,270
|
10,348
|
|||||||||
Derivatives
|
1,199
|
1,488
|
1,271
|
|||||||||
532,965
|
511,482
|
564,896
|
||||||||||
Total assets
|
612,299
|
576,157
|
648,983
|
|||||||||
Liabilities and Equity
|
||||||||||||
Current liabilities
|
||||||||||||
Current maturities of long-term bank loans
|
11,860
|
12,815
|
12,571
|
|||||||||
Current maturities of other long-term loans
|
5,000
|
10,000
|
5,300
|
|||||||||
Current maturities of debentures
|
35,331
|
18,714
|
37,448
|
|||||||||
Trade payables
|
5,263
|
4,504
|
5,577
|
|||||||||
Other payables
|
15,650
|
11,207
|
16,588
|
|||||||||
Current maturities of derivatives
|
2,327
|
33,183
|
2,466
|
|||||||||
Current maturities of lease liabilities
|
789
|
745
|
836
|
|||||||||
76,220
|
91,168
|
80,786
|
||||||||||
Non-current liabilities
|
||||||||||||
Long-term lease liabilities
|
25,100
|
22,005
|
26,604
|
|||||||||
Long-term bank loans
|
242,594
|
229,466
|
257,128
|
|||||||||
Other long-term loans
|
28,558
|
21,582
|
30,269
|
|||||||||
Debentures
|
103,190
|
91,714
|
109,372
|
|||||||||
Deferred tax
|
6,032
|
6,770
|
6,393
|
|||||||||
Other long-term liabilities
|
1,014
|
2,021
|
1,075
|
|||||||||
Derivatives
|
4,404
|
28,354
|
4,668
|
|||||||||
410,892
|
401,912
|
435,509
|
||||||||||
Total liabilities
|
487,112
|
493,080
|
516,295
|
|||||||||
Equity
|
||||||||||||
Share capital
|
25,613
|
25,613
|
27,148
|
|||||||||
Share premium
|
86,131
|
86,038
|
91,291
|
|||||||||
Treasury shares
|
(1,736
|
)
|
(1,736
|
)
|
(1,840
|
)
|
||||||
Transaction reserve with non-controlling Interests
|
5,697
|
5,697
|
6,038
|
|||||||||
Reserves
|
(873
|
)
|
(12,632
|
)
|
(925
|
)
|
||||||
Retained earnings (accumulated deficit)
|
3,453
|
(7,256
|
)
|
3,660
|
||||||||
Total equity attributed to shareholders of the Company
|
118,285
|
95,724
|
125,372
|
|||||||||
Non-Controlling Interest
|
6,902
|
(12,647
|
)
|
7,316
|
||||||||
Total equity
|
125,187
|
83,077
|
132,688
|
|||||||||
Total liabilities and equity
|
612,299
|
576,157
|
648,983
|
For the Three months ended
September 30,
|
For the nine months ended
September 30,
|
For the year ended December 31,
|
For the nine months ended September 30,
|
|||||||||||||||||||||
2023
|
2022
|
2023
|
2022
|
2022
|
2023
|
|||||||||||||||||||
€ in thousands
|
€ in thousands
|
€ in thousands
|
Convenience Translation into US$ in thousands**
|
|||||||||||||||||||||
Revenues
|
15,644
|
15,529
|
41,102
|
44,725
|
53,360
|
43,564
|
||||||||||||||||||
Operating expenses
|
(5,653
|
)
|
(5,297
|
)
|
(17,681
|
)
|
(18,429
|
)
|
(24,089
|
)
|
(18,740
|
)
|
||||||||||||
Depreciation and amortization expenses
|
(4,031
|
)
|
(3,873
|
)
|
(12,095
|
)
|
(11,851
|
)
|
(16,092
|
)
|
(12,820
|
)
|
||||||||||||
Gross profit
|
5,960
|
6,359
|
11,326
|
14,445
|
13,179
|
12,004
|
||||||||||||||||||
Project development costs
|
(248
|
)
|
(1,126
|
)
|
(2,440
|
)
|
(2,680
|
)
|
(3,784
|
)
|
(2,586
|
)
|
||||||||||||
General and administrative expenses
|
(1,193
|
)
|
(1,669
|
)
|
(4,104
|
)
|
(4,966
|
)
|
(5,892
|
)
|
(4,350
|
)
|
||||||||||||
Share of profits (losses) of equity accounted investee
|
3,058
|
1,158
|
4,599
|
556
|
1,206
|
4,875
|
||||||||||||||||||
Operating profit
|
7,577
|
4,722
|
9,381
|
7,355
|
4,709
|
9,943
|
||||||||||||||||||
Financing income
|
2,059
|
844
|
11,080
|
2,655
|
9,565
|
11,744
|
||||||||||||||||||
Financing income (expenses) in connection with derivatives and warrants, net
|
391
|
677
|
(85
|
)
|
1,015
|
605
|
(90
|
)
|
||||||||||||||||
Financing expenses in connection with projects finance
|
(1,830
|
)
|
(1,957
|
)
|
(5,612
|
)
|
(5,846
|
)
|
(7,765
|
)
|
(5,948
|
)
|
||||||||||||
Financing expenses in connection with debentures
|
(1,028
|
)
|
(943
|
)
|
(2,868
|
)
|
(2,286
|
)
|
(2,130
|
)
|
(3,040
|
)
|
||||||||||||
Interest expenses on minority shareholder loan
|
(540
|
)
|
(331
|
)
|
(1,473
|
)
|
(1,223
|
)
|
(1,529
|
)
|
(1,561
|
)
|
||||||||||||
Other financing expenses
|
(10
|
)
|
(3,850
|
)
|
(444
|
)
|
(2,056
|
)
|
(1,212
|
)
|
(471
|
)
|
||||||||||||
Financing income (expenses), net
|
(958
|
)
|
(5,560
|
)
|
598
|
(7,741
|
)
|
(2,466
|
)
|
634
|
||||||||||||||
Profit (loss) before taxes on income
|
6,619
|
(838
|
)
|
9,979
|
(386
|
)
|
2,243
|
10,577
|
||||||||||||||||
Tax benefit (Taxes on income)
|
(742
|
)
|
(863
|
)
|
461
|
(1,950
|
)
|
(2,103
|
)
|
489
|
||||||||||||||
Profit (loss) for the period
|
5,877
|
(1,701
|
)
|
10,440
|
(2,336
|
)
|
140
|
11,066
|
||||||||||||||||
Profit (loss) attributable to:
|
||||||||||||||||||||||||
Owners of the Company
|
5,233
|
(2,564
|
)
|
10,709
|
(3,786
|
)
|
(357
|
)
|
11,351
|
|||||||||||||||
Non-controlling interests
|
644
|
863
|
(269
|
)
|
1,450
|
497
|
(285
|
)
|
||||||||||||||||
Profit (loss) for the period
|
5,877
|
(1,701
|
)
|
10,440
|
(2,336
|
)
|
140
|
11,066
|
||||||||||||||||
Other comprehensive income (loss) item that after initial recognition in comprehensive income (loss) were or will be transferred to profit or loss:
|
||||||||||||||||||||||||
Foreign currency translation differences for foreign operations
|
(930
|
)
|
*4,889
|
(9,183
|
)
|
*1,206
|
*(7,829
|
)
|
(9,733
|
)
|
||||||||||||||
Effective portion of change in fair value of cash flow hedges
|
5,949
|
*(20,805
|
)
|
50,149
|
*(29,680
|
)
|
*8,976
|
53,154
|
||||||||||||||||
Net change in fair value of cash flow hedges transferred to profit or loss
|
(4,580
|
)
|
*(11,074
|
) |
(9,389
|
)
|
*(33,320
|
)
|
*(36,438
|
)
|
(9,952
|
)
|
||||||||||||
Total other comprehensive income (loss)
|
439
|
(26,990
|
)
|
31,577
|
(61,794
|
)
|
(35,291
|
)
|
33,469
|
|||||||||||||||
Total other comprehensive income (loss) attributable to:
|
||||||||||||||||||||||||
Owners of the Company
|
(296
|
)
|
(10,451
|
)
|
11,759
|
(29,502
|
)
|
(19,920
|
)
|
12,464
|
||||||||||||||
Non-controlling interests
|
735
|
(16,539
|
)
|
19,818
|
(32,292
|
)
|
(15,371
|
)
|
21,005
|
|||||||||||||||
Total other comprehensive income (loss) for the period
|
439
|
(26,990
|
)
|
31,577
|
(61,794
|
)
|
(35,291
|
)
|
33,469
|
|||||||||||||||
Total comprehensive income (loss) for the period
|
6,316
|
(28,691
|
)
|
42,017
|
(64,130
|
)
|
(35,151
|
)
|
44,535
|
|||||||||||||||
Total comprehensive income (loss) attributable to:
|
||||||||||||||||||||||||
Owners of the Company
|
4,937
|
(13,015
|
)
|
22,468
|
(33,288
|
)
|
(20,277
|
)
|
23,815
|
|||||||||||||||
Non-controlling interests
|
1,379
|
(15,676
|
)
|
19,549
|
(30,842
|
)
|
(14,874
|
)
|
20,720
|
|||||||||||||||
Total comprehensive income (loss) for the period
|
6,316
|
(28,691
|
)
|
42,017
|
(64,130
|
)
|
(35,151
|
)
|
44,535
|
|||||||||||||||
Basic net earnings (loss) per share
|
0.41
|
(0.20
|
)
|
0.83
|
(0.29
|
)
|
(0.03
|
)
|
0.88
|
|||||||||||||||
Diluted net earnings (loss) per share
|
0.41
|
(0.20
|
)
|
0.83
|
(0.29
|
)
|
(0.03
|
)
|
0.88
|
Non- controlling
|
Total
|
|||||||||||||||||||||||||||||||||||||||
Attributable to shareholders of the Company
|
Interests
|
Equity
|
||||||||||||||||||||||||||||||||||||||
Share capital
|
Share premium
|
Retained earnings (accumulated Deficit)
|
Treasury shares
|
Translation reserve from
foreign operations
|
Hedging Reserve
|
Interests Transaction reserve with
non-controlling Interests
|
Total
|
|||||||||||||||||||||||||||||||||
€ in thousands
|
||||||||||||||||||||||||||||||||||||||||
For the nine months ended
|
||||||||||||||||||||||||||||||||||||||||
September 30, 2023:
|
||||||||||||||||||||||||||||||||||||||||
Balance as at January 1, 2023
|
25,613
|
86,038
|
(7,256
|
)
|
(1,736
|
)
|
7,970
|
(20,602
|
)
|
5,697
|
95,724
|
(12,647
|
)
|
83,077
|
||||||||||||||||||||||||||
Profit (loss) for the period
|
-
|
-
|
10,709
|
-
|
-
|
-
|
-
|
10,709
|
(269
|
)
|
10,440
|
|||||||||||||||||||||||||||||
Other comprehensive loss for the period
|
-
|
-
|
-
|
-
|
(8,771
|
)
|
20,530
|
-
|
11,759
|
19,818
|
31,577
|
|||||||||||||||||||||||||||||
Total comprehensive loss for the period
|
-
|
-
|
10,709
|
-
|
(8,771
|
)
|
20,530
|
-
|
22,468
|
19,549
|
42,017
|
|||||||||||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity:
|
||||||||||||||||||||||||||||||||||||||||
Share-based payments
|
-
|
93
|
-
|
-
|
-
|
-
|
-
|
93
|
-
|
93
|
||||||||||||||||||||||||||||||
Balance as at September 30, 2023
|
25,613
|
86,131
|
3,453
|
(1,736
|
)
|
(801
|
)
|
(72
|
)
|
5,697
|
118,285
|
6,902
|
125,187
|
|||||||||||||||||||||||||||
For the nine months ended
|
||||||||||||||||||||||||||||||||||||||||
September 30, 2022:
|
||||||||||||||||||||||||||||||||||||||||
Balance as at January 1, 2022
|
25,605
|
85,883
|
(6,899
|
)
|
(1,736
|
)
|
15,365
|
(8,077
|
)
|
5,697
|
115,838
|
(1,731
|
)
|
114,107
|
||||||||||||||||||||||||||
Profit (loss) for the period
|
-
|
-
|
(3,786
|
)
|
-
|
-
|
-
|
-
|
(3,786
|
)
|
1,450
|
(2,336
|
)
|
|||||||||||||||||||||||||||
Other comprehensive income (loss) for the period
|
-
|
-
|
-
|
-
|
1,152
|
(30,654
|
)
|
-
|
(29,502
|
)
|
(32,292
|
)
|
(61,794
|
)
|
||||||||||||||||||||||||||
Total comprehensive income (loss) for the period
|
-
|
-
|
(3,786
|
)
|
-
|
1,152
|
(30,654
|
)
|
-
|
(33,288
|
)
|
(30,842
|
)
|
(64,130
|
)
|
|||||||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity:
|
||||||||||||||||||||||||||||||||||||||||
Issuance of Capital note to non-controlling interest
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
3,958
|
3,958
|
||||||||||||||||||||||||||||||
Share-based payments
|
-
|
90
|
-
|
-
|
-
|
-
|
-
|
90
|
-
|
90
|
||||||||||||||||||||||||||||||
Balance as at September 30, 2022
|
25,605
|
85,973
|
(10,685
|
)
|
(1,736
|
)
|
16,517
|
(38,731
|
)
|
5,697
|
82,640
|
(28,615
|
)
|
54,025
|
Non- controlling
|
Total
|
|||||||||||||||||||||||||||||||||||||||
Attributable to shareholders of the Company
|
Interests
|
Equity
|
||||||||||||||||||||||||||||||||||||||
Share capital
|
Share premium
|
Accumulated deficit
|
Treasury shares
|
Translation reserve from
foreign operations
|
Hedging Reserve
|
Interests Transaction reserve with
non-controlling Interests
|
Total
|
|||||||||||||||||||||||||||||||||
€ in thousands
|
||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, 2022:
|
||||||||||||||||||||||||||||||||||||||||
Balance as at January 1, 2022
|
25,605
|
85,883
|
(6,899
|
)
|
(1,736
|
)
|
15,365
|
(8,077
|
)
|
5,697
|
115,838
|
(1,731
|
)
|
114,107
|
||||||||||||||||||||||||||
Profit (loss) for the year
|
-
|
-
|
(357
|
)
|
-
|
-
|
-
|
-
|
(357
|
)
|
497
|
140
|
||||||||||||||||||||||||||||
Other comprehensive loss for the year
|
-
|
-
|
-
|
-
|
(7,395
|
)
|
(12,525
|
)
|
-
|
(19,920
|
)
|
(15,371
|
)
|
(35,291
|
)
|
|||||||||||||||||||||||||
Total comprehensive loss for the year
|
-
|
-
|
(357
|
)
|
-
|
(7,395
|
)
|
(12,525
|
)
|
-
|
(20,277
|
)
|
(14,874
|
)
|
(35,151
|
)
|
||||||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity:
|
||||||||||||||||||||||||||||||||||||||||
Issuance of Capital note to non-controlling interest
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
3,958
|
3,958
|
||||||||||||||||||||||||||||||
Options exercise
|
8
|
28
|
-
|
-
|
-
|
-
|
-
|
36
|
-
|
36
|
||||||||||||||||||||||||||||||
Share-based payments
|
-
|
127
|
-
|
-
|
-
|
-
|
-
|
127
|
-
|
127
|
||||||||||||||||||||||||||||||
Balance as at December 31, 2022
|
25,613
|
86,038
|
(7,256
|
)
|
(1,736
|
)
|
7,970
|
(20,602
|
)
|
5,697
|
95,724
|
(12,647
|
)
|
83,077
|
Non- controlling
|
Total
|
|||||||||||||||||||||||||||||||||||||||
Attributable to shareholders of the Company
|
Interests
|
Equity
|
||||||||||||||||||||||||||||||||||||||
Share capital
|
Share premium
|
Retained earnings (accumulated deficit)
|
Treasury shares
|
Translation reserve from
foreign operations
|
Hedging Reserve
|
Interests Transaction reserve with
non-controlling Interests
|
Total
|
|||||||||||||||||||||||||||||||||
Convenience translation into US$ (exchange rate as at September 30, 2023: euro 1 = US$ 1.06)
|
||||||||||||||||||||||||||||||||||||||||
For the nine months ended September 30, 2023:
|
||||||||||||||||||||||||||||||||||||||||
Balance as at January 1, 2023
|
27,148
|
91,192
|
(7,691
|
)
|
(1,840
|
)
|
8,447
|
(21,836
|
)
|
6,038
|
101,458
|
(13,404
|
)
|
88,054
|
||||||||||||||||||||||||||
Profit (loss) for the period
|
-
|
-
|
11,351
|
-
|
-
|
-
|
-
|
11,351
|
(285
|
)
|
11,066
|
|||||||||||||||||||||||||||||
Other comprehensive loss for the period
|
-
|
-
|
-
|
-
|
(9,296
|
)
|
21,760
|
-
|
12,464
|
21,005
|
33,469
|
|||||||||||||||||||||||||||||
Total comprehensive loss for the period
|
-
|
-
|
11,351
|
-
|
(9,296
|
)
|
21,760
|
-
|
23,815
|
20,720
|
44,535
|
|||||||||||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity:
|
||||||||||||||||||||||||||||||||||||||||
Share-based payments
|
-
|
99
|
-
|
-
|
-
|
-
|
-
|
99
|
-
|
99
|
||||||||||||||||||||||||||||||
Balance as at September 30, 2023
|
27,148
|
91,291
|
3,660
|
(1,840
|
)
|
(849
|
)
|
(76
|
)
|
6,038
|
125,372
|
7,316
|
132,688
|
For the three months ended
September 30,
|
For the nine months ended
September 30,
|
For the year ended December 31,
|
For the nine months ended September 30
|
|||||||||||||||||||||
2023
|
2022
|
2023
|
2022
|
2022
|
2023
|
|||||||||||||||||||
€ in thousands
|
Convenience Translation into US$*
|
|||||||||||||||||||||||
Cash flows from operating activities
|
||||||||||||||||||||||||
Profit (loss) for the period
|
5,877
|
(1,701
|
)
|
10,440
|
(2,336
|
)
|
140
|
11,066
|
||||||||||||||||
Adjustments for:
|
||||||||||||||||||||||||
Financing expenses, net
|
958
|
5,560
|
(598
|
)
|
7,741
|
2,466
|
(634
|
)
|
||||||||||||||||
Depreciation and amortization
|
4,031
|
3,873
|
12,095
|
11,851
|
16,092
|
12,820
|
||||||||||||||||||
Share-based payment transactions
|
31
|
30
|
93
|
90
|
127
|
99
|
||||||||||||||||||
Share of losses (profits) of equity accounted investees
|
(3,058
|
)
|
(1,158
|
)
|
(4,599
|
)
|
(556
|
)
|
(1,206
|
)
|
(4,875
|
)
|
||||||||||||
Payment of interest on loan by an equity accounted investee
|
1,468
|
-
|
1,468
|
-
|
-
|
1,556
|
||||||||||||||||||
Change in trade receivables and other receivables
|
457
|
2,862
|
1,015
|
283
|
724
|
1,076
|
||||||||||||||||||
Change in other assets
|
(595
|
)
|
(163
|
)
|
(750
|
)
|
(110
|
)
|
(209
|
)
|
(795
|
)
|
||||||||||||
Change in receivables from concessions project
|
683
|
77
|
1,519
|
(473
|
)
|
(521
|
)
|
1,610
|
||||||||||||||||
Change in trade payables
|
1,696
|
47
|
287
|
(754
|
)
|
1,697
|
304
|
|||||||||||||||||
Change in other payables
|
(126
|
)
|
(3,480
|
)
|
257
|
4,398
|
3,807
|
272
|
||||||||||||||||
Income tax expense (tax benefit)
|
742
|
863
|
(461
|
)
|
1,950
|
2,103
|
(489
|
)
|
||||||||||||||||
Income taxes paid
|
(419
|
)
|
(1,144
|
)
|
(439
|
)
|
(4,399
|
)
|
(6,337
|
)
|
(465
|
)
|
||||||||||||
Interest received
|
1,059
|
481
|
2,412
|
1,403
|
1,896
|
2,557
|
||||||||||||||||||
Interest paid
|
(1,286
|
)
|
(260
|
)
|
(5,950
|
)
|
(5,184
|
)
|
(9,459
|
)
|
(6,306
|
)
|
||||||||||||
Net cash provided by (used in) operating activities
|
11,518
|
5,887
|
16,789
|
13,904
|
11,320
|
17,796
|
||||||||||||||||||
Cash flows from investing activities
|
||||||||||||||||||||||||
Acquisition of fixed assets
|
(24,015
|
)
|
(16,793
|
)
|
(51,483
|
)
|
(39,067
|
)
|
(48,610
|
)
|
(54,567
|
)
|
||||||||||||
Repayment of loan by an equity accounted investee
|
103
|
-
|
103
|
149
|
149
|
109
|
||||||||||||||||||
Loan to an equity accounted investee
|
-
|
(60
|
)
|
(68
|
)
|
(60
|
)
|
(128
|
)
|
(72
|
)
|
|||||||||||||
Advances on account of investments
|
-
|
-
|
(421
|
)
|
-
|
(774
|
)
|
(446
|
)
|
|||||||||||||||
Proceeds from repayment of advances on account of investments in process
|
2,277
|
-
|
1,921
|
-
|
-
|
2,036
|
||||||||||||||||||
Settlement of derivatives contract
|
-
|
3,800
|
-
|
3,272
|
(528
|
)
|
-
|
|||||||||||||||||
Proceeds from (investment in) in restricted cash, net
|
-
|
(639
|
)
|
893
|
(8,880
|
)
|
(4,873
|
)
|
947
|
|||||||||||||||
Proceeds from (investment in) in short term deposit
|
165
|
-
|
(1,092
|
)
|
27,645
|
27,645
|
(1,157
|
)
|
||||||||||||||||
Proceeds from (investment in) marketable securities
|
-
|
-
|
2,837
|
-
|
(1,062
|
)
|
3,007
|
|||||||||||||||||
Net cash provided by (used in) investing activities
|
(21,470
|
)
|
(13,692
|
)
|
(47,310
|
)
|
(16,941
|
)
|
(28,181
|
)
|
(50,143
|
)
|
||||||||||||
Cash flows from financing activities
|
||||||||||||||||||||||||
Proceeds from options
|
-
|
-
|
-
|
-
|
36
|
-
|
||||||||||||||||||
Cost associated with long term loans
|
(481
|
)
|
(1,033
|
)
|
(1,187
|
)
|
(9,991
|
)
|
(9,988
|
)
|
(1,258
|
)
|
||||||||||||
Payment of principal of lease liabilities
|
(189
|
)
|
(1,575
|
)
|
(966
|
)
|
(5,548
|
)
|
(5,703
|
)
|
(1,024
|
)
|
||||||||||||
Proceeds from long term loans
|
-
|
-
|
21,370
|
196,162
|
215,170
|
22,650
|
||||||||||||||||||
Repayment of long-term loans
|
(517
|
)
|
(5,348
|
)
|
(6,990
|
)
|
(148,443
|
)
|
(153,751
|
)
|
(7,409
|
)
|
||||||||||||
Repayment of Debentures
|
-
|
-
|
(17,763
|
)
|
(19,764
|
)
|
(19,764
|
)
|
(18,827
|
)
|
||||||||||||||
Repayment of SWAP instrument associated with long term loans
|
-
|
-
|
-
|
(3,290
|
)
|
(3,290
|
)
|
-
|
||||||||||||||||
Proceeds from issuance of Debentures, net
|
-
|
-
|
55,808
|
-
|
-
|
59,152
|
||||||||||||||||||
Proceeds from settlement of derivatives, net
|
-
|
-
|
-
|
-
|
3,800
|
-
|
||||||||||||||||||
Net cash provided by (used in) financing activities
|
(1,187
|
)
|
(7,956
|
)
|
50,272
|
9,126
|
26,510
|
53,284
|
||||||||||||||||
Effect of exchange rate fluctuations on cash and cash equivalents
|
(632
|
)
|
4,297
|
(4,110
|
)
|
1,169
|
(4,420
|
)
|
(4,359
|
)
|
||||||||||||||
Increase (decrease) in cash and cash equivalents
|
(11,771
|
)
|
(11,464
|
)
|
15,641
|
7,258
|
5,229
|
16,578
|
||||||||||||||||
Cash and cash equivalents at the beginning of the period
|
73,870
|
59,951
|
46,458
|
41,229
|
41,229
|
49,241
|
||||||||||||||||||
Cash and cash equivalents at the end of the period
|
62,099
|
48,487
|
62,099
|
48,487
|
46,458
|
65,819
|
PV
|
Total
|
|||||||||||||||||||||||||||||||||||||||||||||||
Ellomay
|
Bio
|
reportable
|
Total
|
|||||||||||||||||||||||||||||||||||||||||||||
Italy
|
Spain
|
Solar
|
Talasol
|
USA
|
Israel
|
Gas
|
Dorad
|
Manara
|
segments
|
Reconciliations
|
consolidated
|
|||||||||||||||||||||||||||||||||||||
For the nine months ended September 30, 2023
|
||||||||||||||||||||||||||||||||||||||||||||||||
€ in thousands
|
||||||||||||||||||||||||||||||||||||||||||||||||
Revenues
|
-
|
2,246
|
3,565
|
21,542
|
-
|
692
|
13,057
|
51,901
|
-
|
93,003
|
(51,901
|
)
|
41,102
|
|||||||||||||||||||||||||||||||||||
Operating expenses
|
-
|
(395
|
)
|
(1,397
|
)
|
(4,297
|
)
|
-
|
(280
|
)
|
(11,312
|
)
|
(37,544
|
)
|
-
|
(55,225
|
)
|
37,544
|
(17,681
|
)
|
||||||||||||||||||||||||||||
Depreciation expenses
|
(1
|
)
|
(686
|
)
|
(707
|
)
|
(8,571
|
)
|
-
|
(348
|
)
|
(1,764
|
)
|
(4,343
|
)
|
-
|
(16,420
|
)
|
4,325
|
(12,095
|
)
|
|||||||||||||||||||||||||||
Gross profit (loss)
|
(1
|
)
|
1,165
|
1,461
|
8,674
|
-
|
64
|
(19
|
)
|
10,014
|
-
|
21,358
|
(10,032
|
)
|
11,326
|
|||||||||||||||||||||||||||||||||
Adjusted Gross profit (loss)
|
(1
|
)
|
1,165
|
1,461
|
8,674
|
-
|
1,255
|
2
|
(19
|
)
|
10,014
|
-
|
22,549
|
(11,223
|
)
|
11,326
|
||||||||||||||||||||||||||||||||
Project development costs
|
(2,440
|
)
|
||||||||||||||||||||||||||||||||||||||||||||||
General and administrative expenses
|
(4,104
|
)
|
||||||||||||||||||||||||||||||||||||||||||||||
Share of loss of equity accounted investee
|
4,599
|
|||||||||||||||||||||||||||||||||||||||||||||||
Operating profit
|
9,381
|
|||||||||||||||||||||||||||||||||||||||||||||||
Financing income
|
11,080
|
|||||||||||||||||||||||||||||||||||||||||||||||
Financing expenses in connection with derivatives and warrants, net
|
(85
|
)
|
||||||||||||||||||||||||||||||||||||||||||||||
Financing expenses in connection with projects finance
|
(5,612
|
)
|
||||||||||||||||||||||||||||||||||||||||||||||
Financing expenses in connection with debentures
|
(2,868
|
)
|
||||||||||||||||||||||||||||||||||||||||||||||
Interest expenses on minority shareholder loan
|
(1,473
|
)
|
||||||||||||||||||||||||||||||||||||||||||||||
Other financing expenses
|
(444
|
)
|
||||||||||||||||||||||||||||||||||||||||||||||
Financing expenses, net
|
598
|
|||||||||||||||||||||||||||||||||||||||||||||||
Income before taxes on Income
|
9,979
|
|||||||||||||||||||||||||||||||||||||||||||||||
Segment assets as at September 30, 2023
|
39,329
|
13,971
|
18,957
|
234,415
|
5,536
|
31,543
|
32,141
|
103,334
|
155,589
|
634,815
|
(22,517
|
)
|
612,299
|
For the three months ended
September 30,
|
For the nine months ended
September 30,
|
For the year ended December 31,
|
For the nine months ended September 30,
|
|||||||||||||||||||||
2023
|
2022
|
2023
|
2022
|
2022
|
2023
|
|||||||||||||||||||
€ in thousands
|
Convenience Translation into US$ in thousands*
|
|||||||||||||||||||||||
Net profit (loss) for the period
|
5,877
|
(1,701
|
)
|
10,440
|
(2,336
|
)
|
140
|
11,066
|
||||||||||||||||
Financing (income) expenses, net
|
958
|
5,560
|
(598
|
)
|
7,741
|
2,466
|
(634
|
)
|
||||||||||||||||
Taxes on income (Tax benefit)
|
742
|
863
|
(461
|
)
|
1,950
|
2,103
|
(489
|
)
|
||||||||||||||||
Depreciation
|
4,031
|
3,873
|
12,095
|
11,851
|
16,092
|
12,820
|
||||||||||||||||||
EBITDA
|
11,608
|
8,595
|
21,476
|
19,206
|
20,801
|
22,763
|
For the four-quarter period ended September 30, 2023
|
||||
Unaudited
|
||||
€ in thousands
|
||||
Profit for the period
|
12,916
|
|||
Financing expenses, net
|
(5,873
|
)
|
||
Taxes on income
|
(308
|
)
|
||
Depreciation
|
16,336
|
|||
Share-based payments
|
130
|
|||
Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model
|
3,244
|
|||
Adjusted EBITDA as defined the Series C Deed of Trust
|
26,445
|
For the four-quarter period ended September 30, 2023
|
||||
Unaudited
|
||||
€ in thousands
|
||||
Profit for the period
|
12,916
|
|||
Financing expenses, net
|
(5,873
|
)
|
||
Taxes on income
|
(308
|
)
|
||
Depreciation and amortization expenses
|
16,336
|
|||
Share-based payments
|
130
|
|||
Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model
|
3,244
|
|||
Adjusted EBITDA as defined the Series D Deed of Trust
|
26,445
|
For the four-quarter period ended September 30, 2023
|
||||
Unaudited
|
||||
€ in thousands
|
||||
Profit for the period
|
12,916
|
|||
Financing expenses, net
|
(5,873
|
)
|
||
Taxes on income
|
(308
|
)
|
||
Depreciation and amortization expenses
|
16,336
|
|||
Share-based payments
|
130
|
|||
Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model
|
3,244
|
|||
Adjusted EBITDA as defined the Series E Deed of Trust
|
26,445
|
1 Year Ellomay Capital Chart |
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